Economics

IMF Approves $5.2 Billion Stand-By Arrangement for Egypt

Approval enables an immediate disbursement of $2 billion
Funds to help cover Egyptian financing gap caused by virus

A traveller passes through an automatic disinfection booth at the entrance of the seaport in Hurghada, Egypt, on June 19.
Photographer: Khaled Desouki/AFP via Getty Images

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By Mirette Magdy

June 26, 2020 at 8:50 PM UTC

Updated on

June 27, 2020 at 12:32 PM UTC

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The International Monetary Fund approved a $5.2 billion stand-by arrangement for Egypt, boosting the most populous Arab country’s ability to tackle economic challenges posed by the coronavirus.