IMF says Egypt to get $2.75 bn on Friday if board approves bailout

The International Monetary Fund said that it will disburse an initial $2.75 million loan tranche to Egypt on Friday assuming that the Fund’s board votes to approve the $12 billion bailout program.

IMF spokesman Gerry Rice told a regular news briefing that the board vote on Friday comes as China, the United Arab Emirates, G7 countries have contributed towards supplemental bilateral financing of up to $6 billion needed for the Egypt program. Rice added that some of that financing also will come from commercial bank financing and a proposed euro bond issue.