The IMF approved in June a 12-month US$5.2 billion SBA loan for Egypt. “The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt’s economic program supported by the IMF’s $5.2 billion Stand-by Arrangement. Upon approval, an additional SDR 1.16 billion (about US$1.6 billion) will be made available to Egypt,” Ramakrishnan said in a statement on Thursday. The head of the IMF team to Egypt said that the Egyptian economy has performed better than expected even with the coronavirus outbreak. The updated financial information of state-owned enterprises and Economic Authorities was published in September,” she added.

Source: Egypt Independent November 21, 2020 09:45 UTC