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Monday, 06 July 2020

Egypt to receive 1st tranche of IMF loan within days: CBE

MENA , Monday 29 Jun 2020
The International Monetary Fund (IMF) headquarters
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Views: 1198

Deputy Governor of the Central Bank of Egypt (CBE) Ramy Abul Naga said Monday Egypt is set to receive the first part of the International Monetary Fund (IMF) $5.2 billion standby loan within a few days.

In statements to Al Arabiya news channel he explained that the first part of the loan is valued at $2 billion, while the remaining part will be received within one year through two $1.6 billion payments.

The IMF said Friday, its executive board approved a new $5.2 billion, 12-month Stand-By Arrangement that aims to help Egypt cope with the coronavirus pandemic and plug budget and balance-of-payments shortfalls.

In a statement, the IMF said the program “would also help the authorities preserve the achievements made over the past four years, support health and social spending to protect vulnerable groups, and advance a set of key structural reforms.”  

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