Browsing: Funds toward the pandemic

IMF $5.2 Billion Stand-By Arrangement for Egypt

The IMF executive board approved a 12-month Stand by Arrangement (SBA) with the access of about $5.2 billion to help Egypt address balance of payment to finance COVID-19 needs.

The  Fund-supported program aims at helping Egypt cope with challenges posed by the COVID-19 pandemic by providing Fund resources to meet the country’s balance of payments needs and to finance the budget deficit.

The approval of the SBA enables the immediate disbursement of about $2 billion while the remainder will be phased over two reviews.

The SBA will also help support the government’s efforts to preserve the macroeconomic achievements made over the past four years and advance key structural reforms.

The advanced structural reforms will help improve governance and transparency, strengthen the frameworks for public finances, reduce hindrance to competition to move towards sustainable and inclusive private sector growth and support health and social spending to protect vulnerable groups.

In 2016 …