Egypt to receive first tranche of IMF loan soon – c.bank

Egypt will receive the first part of the International Monetary Fund (IMF) $5.2 billion standby loan within a few days, said Deputy Governor of the Central Bank of Egypt (CBE) Ramy Abul Naga on Monday.

In statements to Al Arabiya news channel he explained that the first part of the loan is valued at $2 billion, while the remaining part will be received within one year through two $1.6 billion payments.

The IMF said Friday, its executive board approved a new $5.2 billion, 12-month Stand-By Arrangement that aims to help Egypt cope with the coronavirus pandemic and plug budget and balance-of-payments shortfalls.

In a statement, the IMF said the programme “would also help the authorities preserve the achievements made over the past four years, support health and social spending to protect vulnerable groups, and advance a set of key structural reforms.”