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Wednesday, 13 May 2020

IMF’s USD 2.8 bn pandemic aid lands in Egypt

IMF’s USD 2.8 bn pandemic aid lands in Cairo: Egypt took receipt of the IMF’s USD 2.8 bn rapid financing instrument yesterday, only a day after the fund’s executive board gave its approval, state news agency MENA reported, quoting an unnamed central bank official. The facility will support the country’s balance of payments and be used for “targeted and temporary spending” to help the country grapple with the covid-19 pandemic that has ground the tourism sector to a halt and caused an exodus of foreign capital.

Talks for more funding underway: Talks were scheduled to kick off yesterday for a separate stand-by arrangement (SBA) that could see us receive an additional USD 4.5-5 bn, Vice Minister of Finance Ahmed Kouchouk said on Monday. How much we end up receiving in SBA funding will depend on the IMF”s assessment of our needs, ability to repay and track record with the fund.

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