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IMF reaches staff level agreement for second loan installment to Egypt

CAIRO, May 12 (Reuters) - The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan installment that would make available about $1.25 billion.

In a statement at the conclusion of an IMF mission to Egypt, team leader Chris Jarvis said: "The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt's economic reform program supported by the IMF's $12 billion arrangement. The staff level agreement is subject to approval by the IMF's Executive Board."

Jarvis said in a statement that completion of the review would make available about $1.25 billion, bringing total disbursements under the program to about $4 billion. (Reporting by Giles Elgood; Editing by Hugh Lawson)