Egypt Agrees $5.2bn Aid Package – IMF

An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt.

This will 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.

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