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 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.

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,