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

  • 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.


Egypt PM visits Sudan as Nile dam talks stall

Updated 3 min 34 sec ago

Egypt PM visits Sudan as Nile dam talks stall

  • The GERD has been a source of tension in the Nile River basin ever since Ethiopia broke ground on it in 2011
  • Egypt and Sudan view the dam as a threat to vital water supplies

KHARTOUM: Egypt’s prime minister arrived in Sudan on Saturday on a visit aiming to “improve cooperation” between the two neighbors, officials said, amid tensions over Ethiopia’s Nile dam.
It is Mostafa Madbouli’s first official visit to Sudan since the formation of a transitional government in Khartoum in 2019.
“The aim of this visit is to improve cooperation between the two countries in various fields,” the office of Sudanese Prime Minister Abdalla Hamdok said in a statement.
Madbouli’s delegation includes Egypt’s ministers of water and irrigation, electricity, health, and trade and industry.
The Grand Ethiopian Renaissance Dam (GERD) has been a source of tension in the Nile River basin ever since Ethiopia broke ground on it in 2011.
Egypt and Sudan view the dam as a threat to vital water supplies, while Ethiopia considers it crucial for its electrification and development.
Talks between the three countries were suspended last week after Addis Ababa insisted on linking them to renegotiating a deal on sharing the waters of the Blue Nile.
Sudan on Monday said negotiations had been postponed for a week.
During his visit, Madbouli is also expected to meet with General Abdel Fattah Al-Burhan, head of Sudan’s ruling sovereign council, and Mohamed Hamdan Dagalo, council deputy chief and military general.