Egypt agrees on $5.2 bn aid package: IMF

Egypt agrees on $5.2 bn aid package: IMF
A view of buildings by the Nile River in Cairo Egypt June 4, 2020. (Reuters)
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Updated 05 June 2020

Egypt agrees on $5.2 bn aid package: IMF

Egypt agrees on $5.2 bn aid package: IMF
  • The IMF board must still approve the financing from the fund's Rapid Financing Instrument (RFI)

WASHINGTON: An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic, the fund announced Friday.
The IMF board must still approve the financing from the fund's 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.