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| 19 June, 2018

Egypt says to receive $2bln IMF payment by end-July - newspaper

This would be the fourth instalment of the loan: minister

Image used for illustrative purpose.
International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018.

Image used for illustrative purpose. International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018.

REUTERS/Yuri Gripas

CAIRO - Egypt says it will receive the next $2 billion instalment of a $12 billion loan from the International Monetary Fund (IMF) in the second half of July, newspaper Al-Masry Al-Youm reported on Tuesday.

The paper quoted Finance Minister Mohamed Maait as saying this would be the fourth instalment of the loan, agreed in late 2016, and would bring the total Cairo has received so far to $8 billion.

The IMF loan requires Egypt to enact tough economic austerity measures. The latest fiscal reforms have included sharp cuts to electricity and fuel subsidies.

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The finance ministry previously said the latest payment was expected in June or July.

(Reporting by Mohamed el Sherif Writing by John Davison Editing by Andrew Heavens) ((John.Davison@thomsonreuters.com;))