Egypt to Receive $1.6 Billion from IMF End of Dec.

Mohamed Maait, Minister of Finance said on Wednesday that Egypt will receive $1.6 billion from the International Monetary Fund (IMF) by the end of this month as part of a 12-month Stand-by Arrangement (SBA), with total access of about US$5.2 billion.

Maait added during the activities of the Egypt Economic Summit 2020 (EES) that Egypt will receive the rest of the SBA, amounting to $3.2 billion over two reviews, $1.6 billion each.

The agreement will address balance of payments financing needs arising from the COVID-19 pandemic.

"The new Stand-By Arrangement, together with recent RFI, supports the authorities’ ongoing efforts to mitigate the economic and social impact of the crisis while maintaining macroeconomic stability and safeguarding past achievements," IMF wrote in its Egypt report.

"Together with the support of Egypt’s development partners, disbursements from the SBA will help address large financing needs," IMF added.