Egypt to Receive USD 5.2 Billion in COVID-19 Support from the IMF

The International Monetary Fund (IMF)’s Executive Board has approved a stand-by financing arrangement (SBFA) of up to USD 5.2 billion for Egypt. The approval allows for the release of USD 2 billion effective immediately, with the remainder to be phased out over two reviews.

Egypt maintains a strong track-record of establishing a home-grown economic reform programme successfully, which was supported by the IMF’s Extended Fund Facility during 2016-2019.

However, due to the impact of COVID-19, which has caused global disruptions and worsened the country’s economic outlook, the Government of Egypt has had to re-prioritize its policies to address the economic and health...