Egypt expects to receive second tranche of the IMF loan in July: PM

Egypt expects to receive the second tranche of a $12 billion International Monetary Fund loan in July, Egyptian Prime Minister Sherif Ismail said Wednesday.

The IMF approved a $12-billion, three-year loan programme to Egypt in November and has already paid out $2.75 billion dollars as the first tranche of the loan. The second tranche, $1.25 billion, must still be endorsed by the IMF board following an “expert-level agreement” announced in an IMF statement earlier in May.