Egypt's Foreign Reserves Increase to $40.2 Billion

The Central Bank of Egypt (CBE) data showed an increase in the foreign reserves during February by about $100 million.

According to the data released on Sunday, reserves reached about $40,200 billion compared to $40,100 billion in January.

On May 12, Egypt received a rapid credit financing instrument (RFI) worth $2.7 billion from the International Monetary Fund (IMF), represented to the Egyptian government to tackle the pandemic.

In 2020, the Executive Board of the IMF approved a 12-month Stand-by Arrangement (SBA) for Egypt, with access to about $5.2 billion.

The completion of the review allows the authorities to draw about $1.67 billion, bringing total disbursements under the SBA to $3.6 billion.

“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 a report.