Egypt to get first $2.75 billion tranche of IMF loan Tuesday

November 8, 2016 11:27 AM EST

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CAIRO (Reuters) - Egypt will receive the first $2.75 billion tranche of its three-year, $12 billion International Monetary Fund loan next Tuesday, Deputy Finance Minister Ahmed Kouchouk told Reuters on Tuesday.

In August, the IMF agreed in principle to grant Egypt the loan to support a government reform programme aimed at reducing its budget deficit and balancing its currency market.

"We expect to receive $2.75 billion on Tuesday from the IMF following board approval," Kouchouk said.

The IMF board will discuss final approval of the programme on Friday. IMF managing director Christine Lagarde said on Tuesday that she would recommend that the board approve Egypt's request.

(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Andrew Torchia)

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