WASHINGTON (Pakistan Point News / Sputnik - 27th June, 2020) The International Monetary Fund (IMF) said in a statement on Friday that the IMF Executive board approved a $5.2-billion stand-by arrangement for Egypt to help the country cope with the economic fallout of the novel coronavirus pandemic.
"The Executive Board of the International Monetary Fund (IMF) approved today a 12-month Stand-by Arrangement for Egypt, with access equivalent to SDR 3.76 billion (about US$5.2 billion or 184.8 percent of quota)," the statement said. "The new arrangement aims to help Egypt cope with challenges posed by the COVID-19 pandemic by providing Fund resources to meet Egypt's balance of payments needs and to finance the budget deficit."
