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CAIRO (Reuters) - Egypt expects to receive a second loan installment worth $1.25 billion from the International Monetary Fund within the next week, Finance Minister Amr El-Garhy told private television channel CBC on Monday.
Egypt agreed a three-year $12 billion IMF loan program in November that is tied to ambitious economic reforms such as subsidy cuts and tax hikes.
The IMF has already there is staff-level agreement to disburse the second installment based on Egypt's reform progress but that its executive board must first meet to sign off on it.
Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Catherine Evans