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#COVID19: IMF approves $5.2 bn, 1-year loan program for Egypt



The board of the International Monetary Fund 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 new funding under a standby arrangement comes on top of $2.8 billion the IMF board approved a month ago, although at the time officials acknowledged that more help would be needed.

According to IMF, executive board approved a new $5.2 billion, 12-month Stand-By Arrangement that aims to help the country cope with the coronavirus pandemic and plug budget and balance-of-payments shortfalls.

In a statement, the IMF said the program "would also help the authorities preserve the achievements made over the past four years, support health and social spending to protect vulnerable groups, and advance a set of key structural reforms."

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