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The Egyptian $5.2 billion stand-by agreement (SBA) loan programme approved by the IMF
Posted on July 26, 2021 |
The SBA loan has helped Egypt restore its global reserves, affected by the epidemic, dropping from US$45.5 billion at the end of February 2020 to US$36 billion in March.
SBA Loan program objective included helping Egypt to confront the coronavirus challenges by meeting its balance of payment requirements, reducing its fiscal deficit, maintaining the achievements of the Economic Reform programme over the last four years and providing funding to carry out Egypt's second economic reform wave.
This approval also opens way to receive the 3rd tranche of the loan of 1.6 billion dollars.