Saturday, January 23, 2021

Egypt secures $1.67 billion in aid from the IMF

Must read

UK bans travellers from Tanzania and DRC

The UK has banned all arrivals from Tanzania and Democratic Republic of Congo from Friday January 22. It follows the earlier ban on passengers from 11...

Amanda Gorman: The 22-year-old poet at Biden’s inauguration

Amanda Gorman "screamed and danced her head off" when she found out she had been chosen to read one of her poems at Joe...

Joe Biden takes the helm as 46th US president

Joe Biden became the 46th president of the United States on Wednesday, declaring that “democracy has prevailed” as he took the helm of a...

Ghana: Six health workers arrested for baby harvesting

Six health care workers and five others have been arrested for baby harvesting and child trafficking in Ghana. They were arrested in a joint operation...
Staff Writer
Africa Feeds Staff writers are group of African journalists focused on reporting news about the continent and the rest of the world.
- Advertisement -

The board of the International Monetary Fund on Friday approved the release of a second tranche of aid valued at $1.67 billion for Egypt, saying public debt and Covid-19 threatened its economic recovery.

In June, the board approved a one-year, $5.2 billion financing package for Egypt. With the latest disbursement, more than $3.6 billion will have been released.

“The Egyptian authorities have managed well the Covid-19 pandemic and the related disruption to economic activity,” Antoinette Sayeh, the IMF deputy managing director, said.

“There are still risks to the outlook particularly as a second wave of the pandemic increases uncertainty about the pace of the domestic and global recovery.

“The high level of public debt and gross financing needs also leave Egypt vulnerable to volatility in global financial conditions.”

- Advertisement -

The IMF carried out a virtual mission to Egypt last month and then announced an agreement in principle for the release of the second tranche, which has now been approved by the board of directors.

 

Egypt unveils coffins buried 2,500 years ago

 

- Advertisement -

Source: AFP

- Advertisement -

More articles

- Advertisement -

Latest article

UK bans travellers from Tanzania and DRC

The UK has banned all arrivals from Tanzania and Democratic Republic of Congo from Friday January 22. It follows the earlier ban on passengers from 11...

Amanda Gorman: The 22-year-old poet at Biden’s inauguration

Amanda Gorman "screamed and danced her head off" when she found out she had been chosen to read one of her poems at Joe...

Joe Biden takes the helm as 46th US president

Joe Biden became the 46th president of the United States on Wednesday, declaring that “democracy has prevailed” as he took the helm of a...

Ghana: Six health workers arrested for baby harvesting

Six health care workers and five others have been arrested for baby harvesting and child trafficking in Ghana. They were arrested in a joint operation...

Zimbabwe’s foreign affairs minister dies from Covid-19

Zimbabwe's Foreign Affairs Minister, Sibusiso Moyo, has died from Covid-19, according to a statement from the government. The minister died from the virus at a...
- Advertisement -