IMF completes Egypt’s SBA loan review, $1.6 bln to be disbursed

The Executive Board of the International Monetary Fund (IMF) announced on Saturday the completion of the first review of Egypt’s economic reform programme supported by a 12-month Stand-By Arrangement (SBA) facility.

Under the first review, Egypt will receive $1.67 billion as a second tranche of the loan, bringing the total disbursements under the SBA to $3.6 billion.

Egypt received the first $2 billion tranche in June as an immediate disbursement.

The IMF’s Executive Board approved Egypt’s request to acquire the SBA loan in June worth a total of $5.2 billion (184.8 percent of its quota) to support the authorities’ economic reform programme during the COVID-19 crisis.