Egypt, IMF Reach 5.2-Billion-USD credit deal
(VOVWORLD) -Egypt and the International Monetary Fund (IMF), reached a deal to provide the Egyptian government with a 12-month credit agreement worth 5.2 billion U.S. dollars, to help Egypt deal with economic repercussions of the COVID-19 pandemic.
This agreement would be presented to the IMF Executive Board for final approval on the requested financing amount.
The agreement proves the continued confidence of international institutions, especially the IMF, in Egypt’s economic, monetary and financial policies, as well as its handling of the coronavirus pandemic.
It will help preserve the gains Egypt has achieved in recent years, by implementing the economic reform program.