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Cairo – Mubasher: Egypt has been allowed to withdraw about $1.67 billion, the second tranche of its $5.2 billion standby loan after the International Monetary Fund’s (IMF) executive board completed its first review of the North African nation’s reform programme.
This raises the total value of disbursements under the 12-month Stand-By Arrangement (SBA) to $3.6 billion, according to a recent statement.
On 26 June, the executive board approved the 12-month agreement valued at $5.2 billion to support the country’s economic reform programme during the pandemic.
Antoinette Sayeh, Deputy Managing Director and Acting Chair, said: “The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity.”
“The proactive measures taken to address health and social needs and to support the sectors most directly affected by the crisis have helped mitigate the economic and human impact.”
However, she warned that “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.”
She expected that economic recovery would help public debt “resume its downward trajectory” from fiscal year 2021/2022.
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