Deputy finance minister for financial policies Ahmed Kouchouk confirmed Thursday that Cairo will receive a second loan installment worth $1.25 billion from the International Monetary Fund very soon.

 Kouchouk said the transfer of money is the step that follows vote by the IMF’s board on the disbursal. 

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.

Source: Mena