IMF announces preliminary deal on $5.2 billion standby loan for Egypt

The International Monetary Fund on Friday said it had reached a staff-level agreement with Egypt for a one-year, $5.2 billion standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic fallout.

The agreement  would safeguard economic gains achieved by Egypt over the past three years and put the country on strong footing for a sustained recovery, the IMF said.

The Fund said the agreement followed virtual meetings with Egyptian authorities from May 19 to June 5.