loans and grants

IMF approves release of $1.67 billion in aid to Egypt

Agence France-Presse

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IMF approves release of $1.67 billion in aid to Egypt

EGYPT. Men sit at a cafe by the 15th century Sultan Qaitbay mosque complex in the Desert of the Mamluks (City of the Dead) area of Egypt's capital Cairo on November 1, 2020.

Photo by Khaled Desouki/AFP

With the latest disbursement by the International Monetary Fund, more than $3.6 billion will have been released to Egypt

The board of the International Monetary Fund (IMF) on Friday, December 18, approved the release of a second tranche of aid valued at $1.67 billion for Egypt, saying public debt and COVID-19 threatened its economic recovery.

In June, the board approved a one-year, $5.2-billion financing package for Egypt. With the latest disbursement, more than $3.6 billion will have been released.

“The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity,” Antoinette Sayeh, the IMF deputy managing director, said.

“There are still risks to the outlook particularly as a second wave of the pandemic increases uncertainty about the pace of the domestic and global recovery.

“The high level of public debt and gross financing needs also leave Egypt vulnerable to volatility in global financial conditions.”

The IMF carried out a virtual mission to Egypt last month and then announced an agreement in principle for the release of the second tranche, which has now been approved by the board of directors. –

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