IMF staff reach agreement with Egypt over release of $5.2 bln loan

Published: Updated:

IMF staff on Tuesday announced they had reached an agreement with Egypt over an economic program that would release the final tranche of a $5.2 billion loan approved last year.

Once approved by the board of the International Monetary Fund, the second performance review would release the last $1.6 billion from the one-year aid plan approved in June 2020.

For all the latest headlines follow our Google News channel online or via the app

Celine Allard, who led the IMF team, praised Cairo, saying the “strong performance and commitment helped achieve the program’s objectives of maintaining macroeconomic stability during the pandemic while protecting necessary social and health spending and implementing key structural reforms.”

She said the Egyptian economy has “shown resilience.”

For more coronavirus news, visit our dedicated page.

The IMF projects economic growth of 2.5 percent this year and 5.7 percent in 2022.

“However, uncertainty remains against the backdrop of lingering pandemic-related risks,” Allard said.

The Washington-based crisis lender also provided a $2.8 billion emergency loan for Cairo in May 2020 specifically to deal with the impact of the pandemic.

Read more:

In spite of coronavirus, IMF projects Egypt’s economy to grow 2.8 pct

Egypt announces new round of reform plans, targets GDP growth of 6-7 pct

Egypt to use development finance to boost private sector in midst of pandemic

Top Content Trending