Lin Noueihed
Additional reporting by Ahmed Aboulenein, Eric Knecht, and Asma Alsharif; Writing by Lin Noueihed and Ahmed Aboulenein; Editing by Hugh Lawson and Eric Knecht
CAIRO, Jan 18 (Reuters) - Egypt will scrap its remaining caps on transfers and deposits of foreign currency by the end of June and overhaul its oil sector as part of ambitious efforts to reform the economy under an IMF agreement, the details of which were released on Wednesday.
The International Monetary Fund approved the three-year programme with Egypt in November, releasing the first $2.75 billion instalment of a $12 billion loan intended to jumpstart an economy battered by years of turmoil that has driven away investors and tourists, key sources of hard currency.
The Fund said on Wednesday that Egypt was on track to receive the second tranche of the loan, pending a visit to review progress at the end of February.
