WASHINGTON (Pakistan Point News / Sputnik - 06th June, 2020) The International Monetary Fund (IMF) said it has $5.2 billion on stand-by to help Egypt address the coronavirus (COVID-19) pandemic.
"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)," the fund said in a statement on Friday. "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."
The IMF said the stand-by funding was subject to approval by its executive board, which will consider Egypt's request in the coming weeks.
Egypt has reported more than 31,000 cases of COVID-19 and nearly 1,200 deaths from the pandemic.
