IMF approves $5.2 bn, 1-year loan program for Egypt
The IMF board on Friday approved a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic.
The new funding under a standby arrangement comes on top of $2.8 billion in emergency aid the IMF board approved a month ago, although at the time officials acknowledged that more help would be needed.
The IMF noted Cairo had “a strong track record” of implementing economic reforms under fund-supported programs over the past four years, and the new loan will help put it on strong footing for recovery.
“Egypt was one of the fastest-growing emerging markets prior to the COVID-19 outbreak,” the IMF said in a statement. “However, the significant domestic and global disruptions from the pandemic have worsened the economic outlook and reshuffled policy priorities.”
The aid will focus first on health and social spending, as well as financial stability to keep a lid on inflation.
Fund staff agreed with authorities on the terms of the loan in early June, and said the funds also will open the doors to financing from other lenders and help support job creation by the private sector.
Egypt has suffered over 2,500 COVID-19 fatalities with over 61,000 cases, according to Johns Hopkins University’s tally.
Simply wish to say your article is as astonishing.
The clearness on your post is simply nice and i could assume you are knowledgeable in this subject.
Fine with your permission allow me to clutch your feed
to stay updated with impending post. Thank you one million and please carry on the gratifying work.
Hello there, I found your blog by means of Google whilst searching
for a related subject, your web site got here up, it looks great.
I have bookmarked it in my google bookmarks.
Hi there, just become aware of your weblog thru Google, and located that
it is really informative. I’m gonna watch out for brussels.
I will be grateful if you proceed this in future. Numerous other people can be benefited from
your writing. Cheers!
Wonderful beat ! I would like to apprentice while you amend your site,
how can i subscribe for a blog website? The account helped me a acceptable deal.
I had been a little bit acquainted of this your broadcast provided bright clear concept dildok3
Having read this I thought it was very enlightening.
I appreciate you taking the time and effort to put
this informative article together. I once again find myself personally spending a
significant amount of time both reading and posting comments.
But so what, it was still worth it!
I think this is one of the most important information for me.
And i am glad reading your article. But wanna remark on few general things, The web site style
is perfect, the articles is really nice : D.
Good job, cheers
Your style is unique compared to other people I’ve read stuff from.
I appreciate you for posting when you’ve got the opportunity, Guess I will just bookmark this site.
These are genuinely impressive ideas in concerning blogging.
You have touched some pleasant factors here. Any way keep up wrinting.
This is a topic that is near to my heart…
Many thanks! Exactly where are your contact details though?
As the admin of this website is working, no doubt very rapidly it will be famous, due to its quality contents.
jhdsf673jaha08J3FJ37YFN72hhxxla2ejklcc
netcorp.club
There is noticeably a bundle to know about this.
I feel you made certain nice points in features also. http://bqapi.6tws.us/api/GetBqSiteUrlswl
Good article. I am going through a few of these issues as well..