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IMF approves $2.77bn emergency virus loan for Egypt
The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform
- The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program.
WASHINGTON: The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic.
The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.
The emergency funding will help finance "targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic," First Deputy Managing Director Geoffrey Okamoto said.
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