desmoinesregister.com

brand
 LATEST NEWS
  Top Stories
  U.S.
  World
  Business
  Personal Finance
  Technology
  Sports
  Entertainment
  Health
  Science
  Politics
  Washington
  Offbeat
  Weather
  Raw News
 NEWS SEARCH
 
 Text Archive
 SPECIAL SECTIONS
  Multimedia Gallery
  News Summary
  (AUDIO)
  News Summary
  (VIDEO)
  Today
  in History
  Video Gallery
  Photo Gallery
  PhotoWeek
  SportsWeek
  U.S. Census
  Database
  U.S. Crime
  Database
  Corrections
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 refers militants to military trial over church attacks

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

Jordan's king in Egypt visit discusses Mideast issues

Egypt says Trump called el-Sissi ahead of Saudi summit

Egyptian judges defy new law on judiciary appointments

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 This material may not be published, broadcast, rewritten or redistributed.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.

Advertisement