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Egypt agrees on $5.2b aid package: IMF

Published : Sunday, 7 June, 2020 at 12:00 AM  Count : 116

WASHINGTON, June 6: An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic, the fund announced Friday.
The IMF board must still approve the financing from the fund's Rapid Financing Instrument (RFI), which allows nations to circumvent the lengthy negotiations usually needed to secure a full economic assistance program -- time most countries do not have as they struggle to cope with the coronavirus crisis.
The new funding comes on top of $2.8 billion the IMF board approved a month ago, although at the time officials acknowledged that more help would be needed.
Cairo requested the aid, known as a Standby Arrangement, to support its efforts "to maintain macroeconomic stability amid the COVID-19 shock while continuing to advance key structural reforms," IMF mission chief Uma Ramakrishnan said in a statement.    -AFP











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