May 7, 2017 / 9:30 AM / a year ago

Egypt expects second instalment of IMF loan in second half of June

CAIRO, May 7 (Reuters) - Egypt expects to receive the second instalment of its loan from the International Monetary Fund in the second half of June, Finance Minister Amr El-Garhy said on Sunday.

He told a news conference that the IMF’s review of Egypt’s economic reforms was going well.

The IMF approved a $12-billion, three-year loan programme to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team is in Cairo this week conducting a review of Egypt’s reform efforts to decide when the next $1.25 billion will be disbursed. (Reporting by Abdel Rahman Adel,; Writing by Lin Noueihed; Editing by Giles Elgood)

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