IMF approves release of $1.67 billion aid for Egypt
- "The Egyptian authorities have managed COVID-19 well," IMF deputy managing director said
- "The high level of public debt and gross financing needs also leave Egypt vulnerable," he said
- The IMF carried out a virtual mission to Egypt last month
The International Monetary Fund (IMF) on Friday approved the clearance of the second batch of financing package valued at $1.67 billion for Egypt, voicing public debt and COVID-19 threats for its economic recovery.
In June, the IMF approved a $5.2 billion of aid for Egypt.
“The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity,” IMF deputy managing director Antoinette Sayeh said.
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“There are still risks to the outlook particularly as a second wave of the pandemic increases uncertainty about the pace of the domestic and global recovery,” he added.
“The high level of public debt and gross financing needs also leave Egypt vulnerable to volatility in global financial conditions,” Sayeh concluded.
The IMF carried out a virtual mission to Egypt last month and then announced an agreement in principle for the release of the second tranche, which has now been approved by the board of directors.
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