IMF board approves final Egypt loan disbursal


BSS/AFP, Washington

The IMF executive board on Wednesday said it had approved Egypt's request for a $1.7 billion loan, its final disbursement under a plan aiding its recovery from the Covid-19 crisis.

"The Egyptian authorities have managed well the economic and social impact of the COVID-19 pandemic," IMF Deputy Managing Director and Acting Chair Antoinette Sayeh said in a statement.

"Proactive economic policies shielded the economy from the full brunt of the crisis, alleviating the health and social impact of the shock while maintaining macroeconomic stability and investor confidence."

IMF staff approved the release of the funds last month as part of a program now valued at $5.4 billion and set up in June 2020 to help the country during the pandemic, $2 billion of which was disbursed immediately.

The Washington-based crisis lender greenlit the release of $1.6 billion in December after concluding Egypt's government was managing the downturn well.