Egypt, IMF reaches staff-level agreement over $5.2 billion standby loan

Egypt is a step closer to receiving a $5.2 billion standby loan that will help it cope with the coronavirus pandemic implications after reaching a staff-level agreement with the International Monetary Fund (IMF).

The agreement is subject to approval by the IMF’s Executive Board, which is expected to consider Egypt’s request in the coming weeks, the IMF said.

“I am pleased to announce that the Egyptian authorities and the IMF team have reached staff-level agreement on economic policies that could be supported by a 12-month Stand-By Arrangement (SBA),” Uma Ramakrishnan, who leads the IMF mission, said in a statement.

“The SBA, with requested access of SDR 3.8 billion (equivalent to around US$5.2 billion), supports the authorities’ efforts to maintain macroeconomic stability amid the COVID-19 shock while continuing to advance key structural reforms.