view of the building of the International Monetary Fund (IMF), with
the IMG logo, is seen on March 27, 2020 in Washington, DC. Olivier
DOULIERY / AFP
The board of the International Monetary Fund on Friday
approved the release of a second tranche of aid valued at $1.67
billion for Egypt, saying public debt and Covid-19 threatened its
economic recovery.
In June, the board approved a one-year, $5.2 billion financing
package for Egypt. With the latest disbursement, more than
$3.6 billion will have been released.
“The Egyptian authorities have managed well the Covid-19
pandemic and the related disruption to economic activity,”
Antoinette Sayeh, the IMF deputy managing director, said.
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“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.
“The high level of public debt and gross financing needs also
leave Egypt vulnerable to volatility in global financial
conditions.”
The IMF carried out a virtual mission to Egypt last month and
then announced an agreement in principle for the release of the
second tranche, which has now been approved by the board of
directors.
-AFP
Read more https://swordpress.com.ng/2020/12/19/imf-approves-release-of-1-67-bn-in-aid-to-egypt/