AP Radio AP Radio News:

May 12, 3:45 PM EDT

IMF reaches staff-level agreement on second payment to Egypt


Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
Egypt officials say Sinai militants kill 4 security forces

Egyptian opposition leader freed, referred to trial.

Egypt denies Sudan claims of providing vehicles to rebels

Egypt refers militants to military trial over church attacks

Food cart shut down? Turn to Egypt's president on live TV

CAIRO (AP) -- The International Monetary Fund has reached a staff-level agreement on a second payment that would make $1.25 billion available to Egypt and bring its total disbursements to about $4 billion.

In a statement Friday, the IMF has said the agreement is "a vote of confidence" by its staff in support of Egypt's economic reform program.

It is still subject to approval by the organization's executive board.

Egypt's finance minister said this week that the second instalment is expected in the second half of June. A first instalment of $2.75 billion dollars has already been paid out.

Egypt secured the $12-billion three-year loan last November after taking a set of tough economic measures including reducing subsidies, enacting the value-added tax, and the devaluation and subsequent floatation of its local currency. 

© 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.