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Egypt, IMF reach agreement on $5.2B loan

Egypt, IMF reach agreement on $5.2B loan

ArabFinance: Egypt reached a staff-level agreement with the International Monetary Fund (IMF) on a one-year, $5.2 billion (EGP 84.40 billion) stand-by arrangement, according to a June 5th statement.

The fresh funding aims to help the country withstand the economic fallout from the COVID-19 pandemic.

The agreement will "safeguard the gains achieved by Egypt over the past three years and put the country on a strong footing for sustained recovery as well as higher and more inclusive growth and job creation over the medium term,"  according to  IMF's Mission Chief for Egypt Uma Ramakrishnan.

She added, "The SBA will also aim to support health and social spending, improve fiscal transparency, and advance further reforms to spur private-sector-led growth and job creation. The arrangement is also expected to catalyze additional bilateral and multilateral financial support."

The agreement is subject to approval by the IMF’s executive board, which is expected to consider the country's request for the loan in the coming weeks, the statement highlighted.

Bloomberg news agency reported earlier that Egypt is seeking some $9 billion (EGP 146.07 billion) from international lenders.

Egypt recently obtained a $2.772 billion (EGP 44.99 billion) emergency financial assistance from the IMF to address the COVID-19 pandemic. 

 

*At press time, the conversion rate is $1= EGP 16.23

 

 

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