{"id":571948,"date":"2020-06-07T04:47:31","date_gmt":"2020-06-07T04:47:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt\/"},"modified":"2020-06-07T04:47:31","modified_gmt":"2020-06-07T04:47:31","slug":"imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt\/","title":{"rendered":"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt"},"content":{"rendered":"

<\/a> IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt:<\/strong> The IMF reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn stand-by arrangement (SBA<\/a>) to help the country withstand the economic fallout from the covid-19 pandemic, according to a statement<\/a> on Friday. The funding will support healthcare and social programs, protect and advance structural reforms, and boost private sector growth and job creation, said Uma Ramakrishnan, who led the talks with Egypt.<\/p>\n

Stand-by loan to boost investor confidence: <\/strong>\u201cThe agreement is important to continue to support the confidence of the markets and investors in the ability of the Egyptian economy to handle the effects of the coronavirus crisis,\u201d the Finance Ministry said in a statement<\/a> on Friday. Ramakrishnan said that the arrangement would \u201ccatalyze additional bilateral and multilateral financial support.\u201d Egypt is reportedly seeking another USD 4 bn<\/a> in financing on top of the SBA to see it through the crisis.<\/p>\n

What\u2019s next?<\/strong> The IMF\u2019s executive board will make a final decision on whether to approve the funding \u201cin the coming weeks,\u201d Ramakrishnan said. You can check their meeting calendar here.<\/a><\/p>\n

The first tranche of the loan could come this month<\/strong>, should the executive board give the green-light to disburse the funding, a Central Bank of Egypt official said last month<\/a>.<\/p>\n

Background:<\/strong> Egypt received last month<\/a> a USD 2.8 bn rapid financing instrument from the IMF following talks in April<\/a>. Egypt is seeking an additional USD4 b from undisclosed international lenders. Fitch Ratings<\/a> said last month that fresh funds from the IMF will boost investor confidence in Egypt as portfolio outflows from emerging markets reverse. The funds may also help Egypt cut back<\/a> on local borrowing to reduce the cost of servicing its debt, according to the Finance Ministry.<\/p>\n

The story received wide coverage by the foreign press:<\/strong> Bloomberg<\/a> | Associated Press<\/a> | Reuters<\/a> | AFP<\/a> | the Guardian<\/a> | the National<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt: The IMF reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn stand-by arrangement (SBA) to help the country withstand the economic fallout from the covid-19 pandemic, according to a statement on Friday. The funding will support healthcare and […]<\/p>\n","protected":false},"author":1,"featured_media":571949,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[7106,72,276,905,272,4989,9294,2380,5236],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-finance-ministry","tag-fitch-ratings","tag-imf","tag-rfi","tag-sba","tag-speed-round","tag-stand-by-arrangement","wpautop","entry"],"acf":{"mongo_id":"16be15c7-809a-4228-ae03-8d3acd1c122f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/71.jpg","photo_position":"above","related_issue":[571943],"teaser":"","voice_url":""},"yoast_head":"\nIMF gives initial nod to USD 5.2 bn in fresh funding to Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt\" \/>\n<meta property=\"og:description\" content=\"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt: The IMF reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn stand-by arrangement (SBA) to help the country withstand the economic fallout from the covid-19 pandemic, according to a statement on Friday. 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The approval allows for the immediate disbursal of USD 2 bn, with the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/egypts-fresh-imf-support-packages-will-help-boost-investor-confidence-portfolio-inflows-fitch\/","url_meta":{"origin":571948,"position":1},"title":"Egypt\u2019s fresh IMF support packages will help boost investor confidence, portfolio inflows -Fitch","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Fresh funding from the IMF will help boost investor confidence in Egypt as portfolio outflows from emerging markets begin to reverse, Fitch Ratings said on Thursday. The government received last week a USD 2.8 bn rapid financing instrument (RFI) and is looking for as much as USD 5.5 bn under\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572145,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/house-committee-approves-usd-2-8-bn-covid-19-imf-funding\/","url_meta":{"origin":571948,"position":2},"title":"House committee approves USD 2.8 bn covid-19 IMF funding","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves USD 2.8 bn covid-19 IMF funding: The House Economic Committee approved Egypt\u2019s 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571315,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/07\/imf-expected-to-approve-usd-2-7-bn-in-fresh-funding-for-egypt-on-monday\/","url_meta":{"origin":571948,"position":3},"title":"IMF expected to approve USD 2.7 bn in fresh funding for Egypt on Monday","author":"enterpriseam admin","date":"7 May 2020","format":false,"excerpt":"The IMF is expected to approve USD 2.7 bn in new funding for Egypt when it meets on Monday, Bloomberg reports, citing an official familiar with the matter. Egypt applied last month for new funding via a one-year rapid financing instrument (RFI) and a stand-by arrangement (SBA) to help support\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571989,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/","url_meta":{"origin":571948,"position":4},"title":"Egypt\u2019s stocks nearly 5% higher after early SBA agreement","author":"enterpriseam admin","date":"8 June 2020","format":false,"excerpt":"EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF funding: The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) announced on Friday it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. The benchmark\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571281,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/first-tranche-of-fresh-imf-funding-to-land-on-monday-report\/","url_meta":{"origin":571948,"position":5},"title":"First tranche of fresh IMF funding to land on Monday -report","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"First tranche of fresh IMF funding to land on Monday -report: The government will receive USD 2.7 bn from the International Monetary Fund (IMF) next Monday as a first tranche of funding to help it withstand the global economic shock caused by the covid-19 pandemic, Masrawy reports, citing an unnamed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=571948"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571948\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571949"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571948"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571948"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}