Egypt may soon receive the first tranche of a crucial $12 billion aid package, the head of the International Monetary Fund Christine Lagarde said Saturday.

Officials in Cairo reached an agreement in principle with the IMF in August for the aid package but it was conditioned on a series of reforms and remains subject to approval by the Fund's executive board.

"To my knowledge, these prior actions are almost completed," Lagarde told reporters during the annual meetings of the World Bank and IMF in Washington. "I very much hope that the board can meet promptly."

To meet the Fund's requirements, Egypt has in particular adopted a value-added tax in the hopes of raising fresh revenue to offset the recent collapse of tourism and foreign investment.