
IMF Approves $2.7bn Aid For Egypt
Egypt is currently facing an economic crisis as a result of the coronavirus pandemic.
According to the IMF statement, the aid will help Egypt limit the decline in its foreign currency reserves. The aid will also provide financing to the budget for “targeted and temporary spending.”
“The pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability if not addressed,” the Washington-based institution said.
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