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 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 on the fourth review under the Extended Fund Facility arrangement with Egypt. Subject to approval by the executive board,

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.