IMF approves final tranche of Egypt's $5.4bln loan

Worth $1.7bln

  
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany

Cairo - Mubasher: The International Monetary Fund's (IMF) executive board completed the second and final review of Egypt’s economic reform program supported by a 12-month stand-by agreement (SBA), allowing the country to receive the third tranche of the $5.4 billion loan worth $1.7 billion.

“The Egyptian authorities have managed well the economic and social impact of the COVID-19 pandemic. Proactive economic policies shielded the economy from the full brunt of the crisis, alleviating the health and social impact of the shock while maintaining macroeconomic stability and investor confidence," the IMF's Deputy Managing Director and Acting Chair, Antoinette Sayeh, said in a statement.

The country's economic growth is expected to record 2.8% in fiscal year (FY) 2020/2021 and rebound to 5.2% in FY21/22.

Sayeh noted that “the budget target for FY2021/22 strikes an appropriate balance between supporting the recovery and keeping public debt on the projected path."

Source: Mubasher

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