LEGISLATION WATCH- House committee approves USD 2.8 bn covid-19 IMF funding: The House Economic Committee approved Egypt’s agreement with the IMF for a USD 2.77 bn rapid financing instrument (RFI) on Thursday, Masrawyreports. The IMF disbursed the funding last month, a day after it was approved. The RFI will help support the country’s balance of payments and provide for additional spending on health and social protections as the country grapples with the fallout from covid-19.

Additional IMF funding in the pipeline: The IMF reached a staff-level agreement earlier this month for an additional USD 5.2 bn in standby funding (SBA). The executive board is expected to issue a final decision on the SBA in the coming weeks.

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