IMF agrees on $5.2B for Egypt as virus threatens economy
Saturday, 06 06 2020, Category: Economy, Country: Egypt
The International Monetary Fund said Friday it has reached an agreement with authorities in Egypt to allocate $5.2 billion to help the country cope with the economic fallout of the coronavirus outbreak.
“This will safeguard the gains achieved by Egypt over the past three years and put the country on strong footing for sustained recovery,” said Uma Ramakrishnan, the IMF’s chief of mission for Egypt.
The agreement, which must go to the executive board for final approval, comes on top of a $2.77 billion IMF loan approved to Egypt last month.
Egypt, the Arab world’s most populous country, emerged last year from an ambitious reform program designed to overhaul its ailing economy.
Source: The Star