Egypt Strikes Initial Deal With IMF on Loan-Program Reviews

Egypt and the International Monetary Fund struck a preliminary deal that moves the country closer to clearing two much-awaited program reviews and accessing more of a $8 billion loan.

The staff-level agreement puts Egypt on track to get two tranches worth a combined $2.5 billion of its Extended Fund Facility. It still needs a sign-off from the Washington-based lender’s executive board.