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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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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.