{"id":572492,"date":"2020-06-28T04:12:18","date_gmt":"2020-06-28T04:12:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/28\/imf-gives-final-nod-on-usd-5-2-bn-in-funding-to-egypt\/"},"modified":"2020-06-28T04:12:18","modified_gmt":"2020-06-28T04:12:18","slug":"imf-gives-final-nod-on-usd-5-2-bn-in-funding-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/28\/imf-gives-final-nod-on-usd-5-2-bn-in-funding-to-egypt\/","title":{"rendered":"IMF gives final nod on USD 5.2 bn in funding to Egypt"},"content":{"rendered":"

<\/a> The IMF has approved a one-year USD 5.2 bn standby loan for Egypt<\/strong>, helping the country plug a balance of payments shortfall and finance its budget deficit, the fund\u2019s executive board said in a statement<\/a> on Friday. The approval allows for the immediate disbursal of USD 2 bn, with the remainder to be doled out in two tranches after staff reviews, a dance Egyptian policymakers are familiar with after USD 12 bn, three-year extended funding facility we drew following the float of the EGP. The IMF had no comment on the terms of the financing. <\/strong><\/p>\n

What will the money be used for?<\/strong> The funding will support healthcare and social programs for the vulnerable, protect and advance structural reforms, and boost private sector growth and job creation, IMF deputy managing director Antoinette Sayeh said.<\/p>\n

The new loan is in addition to a USD 2.8 bn rapid financing instrument<\/strong> Egyptreceived from<\/a>the IMF last month<\/a>. The government is still seeking an additional USD 4 bn from undisclosed lenders to help it weather covid-19, a government official said last month<\/a>.<\/p>\n

Fitch Ratings<\/a><\/strong> said last month that fresh funds from the IMF will boost investor <\/strong>confidence<\/strong> 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 news is getting plenty of digital ink this morning: <\/strong>Bloomberg<\/a> | Wall Street Journal<\/a> | Reuters<\/a> | Associated Press<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF has approved a one-year USD 5.2 bn standby loan for Egypt, helping the country plug a balance of payments shortfall and finance its budget deficit, the fund\u2019s executive board said in a statement on Friday. The approval allows for the immediate disbursal of USD 2 bn, with the remainder to be doled out […]<\/p>\n","protected":false},"author":1,"featured_media":572493,"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":[107,7106,2415,72,272,5390,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-debt","tag-economic-reform-program","tag-enterpriseam","tag-imf","tag-multilateral-development-banks","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e4b88b68-45c9-4f66-bbba-1e8999ee8f3f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/283.jpg","photo_position":"above","related_issue":[572487],"teaser":"","voice_url":""},"yoast_head":"\nIMF gives final nod on USD 5.2 bn in 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\/28\/imf-gives-final-nod-on-usd-5-2-bn-in-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 final nod on USD 5.2 bn in funding to Egypt\" \/>\n<meta property=\"og:description\" content=\"The IMF has approved a one-year USD 5.2 bn standby loan for Egypt, helping the country plug a balance of payments shortfall and finance its budget deficit, the fund\u2019s executive board said in a statement on Friday. 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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":571948,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt\/","url_meta":{"origin":572492,"position":1},"title":"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"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\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\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571518,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/egypt-wants-usd-9-bn-in-funding-from-imf-other-intl-lenders\/","url_meta":{"origin":572492,"position":2},"title":"Egypt wants USD 9 bn in funding from IMF + other int\u2019l lenders","author":"enterpriseam admin","date":"14 May 2020","format":false,"excerpt":"Egypt is lining up another USD 9 bn from int\u2019l lenders to plug budget deficit, shore up reserves: The Madbouly government is in talks with international lenders for an additional USD 9 bn to help it plug its budget deficit as it spends bns to fight covid-19, Bloomberg reports, citing\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\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","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":572492,"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":571281,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/first-tranche-of-fresh-imf-funding-to-land-on-monday-report\/","url_meta":{"origin":572492,"position":4},"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":[]},{"id":573511,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/amer-calls-for-huge-imf-world-bank-rescue-package-for-africa\/","url_meta":{"origin":572492,"position":5},"title":"Amer calls for huge IMF, World Bank rescue package for Africa","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"Amer calls for huge IMF, World Bank rescue package for Africa: Central Bank of Egypt Governor Tarek Amer has called on the IMF and the World Bank to extend more than USD 500 bn in financial assistance to African countries, the local press reports. 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