Home Economy IMF approves $5.2 bn, 1-year loan program for Egypt

IMF approves $5.2 bn, 1-year loan program for Egypt

Washington (AFP) – The IMF board on Friday approved a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic.

The financing comes from the Rapid Financing Instrument (RFI), which allows nations to circumvent the lengthy negotiations usually needed to secure a full economic assistance program — time most countries do not have as they struggle to cope with the coronavirus crisis.

The new funding comes on top of $2.8 billion the IMF board approved a month ago.