Public Management

Egypt: IMF approves $1.6bln disbursements under stand-by agreement

Egypt: IMF approves $1.6bln disbursements under stand-by agreement
Monday, 21 December 2020 15:08

The International Monetary Fund announced in a Dec 18 statement it has approved the disbursement of $1.6 billion in favor of Egypt. This is the second financing as part of a $5.2 billion stand-by deal concluded with the country last June 26.

The 12-month facility seeks to support the Egyptian government’s economic reform plan during the Covid-19 crisis that has hard hit the economy. “The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity. The proactive measures taken to address health and social needs and to support the sectors most directly affected by the crisis have helped mitigate the economic and human impact,” said Antoinette Sayeh (pictured), IMF deputy managing director.

“The government’s structural reform agenda is appropriately ambitious. Sustained progress on structural and governance reforms is essential to foster a higher, greener, and more inclusive private-sector-led growth,” she added.

This new disbursement brings to $3.6 billion the total amount granted by the IMF under this stand-by deal. The institution projects the country to be one of the few on the continent to maintain positive growth this year.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Africa’s ultra-wealthy population expected to rise 15% by 2031 Continent’s share of global wealth declines amid faster growth...
Togo holds talks with IMF and World Bank during Washington meetings Focus on tools to manage crises and protect vulnerable...
Bank exits non-sovereign shareholders to protect multilateral status Move aims to avoid losses in future sovereign debt restructurings Institution...
Awash Bank becomes fourth company listed on Addis exchange Move adds depth to a market launched in 2025 Listing reflects broader financial sector...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
04

BOAD exits BOA Bénin and Niger, sells stakes to Sonimex BOA Bénin posts growth; BOA Niger see...

BOAD exits BOA Bénin and Niger, Sonimex takes stakes as performance diverges
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.