IMF reaches agreement with Egypt upon first review of $5.2 bln financing agreement

The International Monetary Fund (IMF) said on Monday it had reached a staff-level agreement with Egypt after the first review of a $5.2 billion financing agreement.

Upon the approval of the executive board, a $1.6 billion tranche will be disbursed, the statement said.

“The Egyptian economy performed better than expected despite the pandemic,” the IMF statement said.

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