Egypt receives first $2 billion tranche of IMF standby loan: minister

Egypt has received the first $2 billion tranche of a $5.2 billion International Monetary Fund (IMF) standby loan from, its finance minister Mohamed Maait told reporters on Sunday.

IMF reached on June 5 a staff-level agreement with Egypt for a one-year, $5.2 billion standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic fallout.

The loan aims at safeguarding economic gains achieved by Egypt over the past three years and put the country on strong footing for a sustained recovery, the IMF said in a statement last month.