The International Monetary Fund said on Wednesday it reached a staff-level agreement on the fourth review under the Extended Fund Facility arrangement with Egypt. Subject to approval by the executive board,

Egypt and the International Monetary Fund reached a preliminary deal that would likely unlock a further tranche of the North African nation’s $8 billion loan.

The International Monetary Fund said on Wednesday it reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the programme.

Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8bn, 46-month facility in March.

The IMF said Egypt's government had agreed to increase its tax-to-revenue ratio by 2% of gross domestic product over the next two years, with a focus on eliminating exemptions rather than increasing t

The International Monetary Fund on Tuesday reached an agreement with Egypt, allowing the country to access about $1.2 billion, subject to approval by the executive board. This follows the IMF staff-level agreement on the fourth review under the Extended Fund Facility (EFF) arrangement.