Egypt Passes Second Financial Review To Get $1.7Bln In Emergency Funding Support - IMF


Egypt Passes Second Financial Review to Get $1.7Bln in Emergency Funding Support - IMF

WASHINGTON (UrduPoint News / Sputnik - 24th June, 2021) Egypt has passed its second financial review that cleared the country to receive $1.7 billion in Stand-By Arrangement (SBA) financial support to see it through the coronavirus pandemic crisis, the International Monetary Fund (IMF) announced.

"The Executive board of the IMF completed the second and final review of Egypt's economic reform program supported by a 12-month SBA, allowing the authorities to draw SDR [Special Drawing Rights] 1,158.04 million (about $1.7 billion)," the IMF said in news release on Wednesday.

The process brings Egypt's total purchases of financial support from the IMF to SDR 3,763.64 million (about $5.4 billion or 184.8 percent of quota), the release explained.