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IMF Said to Be Readying Approval of $2.7 Billion Egypt Loan

  • Lender’s board to consider rapid financing request on May 11
  • African nations set for over $10.4 billion in IMF financing
Vehicles drive along El-Gaish street, which hosts the popular street market of Al Ataba, in Cairo, Egypt, on May 6.

Vehicles drive along El-Gaish street, which hosts the popular street market of Al Ataba, in Cairo, Egypt, on May 6.

Photographer: Gehad Hamdy/picture alliance via Getty Images

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Egypt expects to secure final approval to borrow $2.7 billion from the International Monetary Fund via a rapid financing facility next week, an official said, one of many African nations turning to the Washington-based lender as the coronavirus hits economies.

Authorities last month requested fresh assistance from the IMF under both a stand-by agreement and the so-called Rapid Financing Instrument, saying it was needed to shield the Middle East’s fastest-growing economy from the fallout of the pandemic.