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FinancialNews


  • 02-12-20

    Egypt anticipates loan this month to finance its budget deficit

    (MENAFN)USD1.6 billion tranche from the International Monetary Fund (IMF) is projected to arrive with the end of this month, declared the minister of finance in Egypt, Mohamed Maait

    The IMF agreed in June a 12-month USD5.2 billion Stand-by Arrangement (SBA) loan for Egypt.

    The new arrangement seeks to assist Egypt stand the challenges bought on by the coronavirus pandemic throughout providing IMF resources to meet Egypt"s stability of payments wants and finance its budget insufficiency.

    An IMF team held an online meeting with Egyptian administrators from November 4 until November 15 to converse economic progresses and the first evaluation for Egypt"s economic plan supported by the IMF"s 12-month SBA.

    MENAFN02122020000045011369ID1101221241

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