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May 12, 3:45 PM EDT

IMF reaches staff-level agreement on second payment to Egypt


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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.†

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