Value of IMF financial assistance agreement not yet agreed - CBE

CAIRO - 27 April 2020: Deputy Governor of the Central Bank of Egypt (CBE) Rami Abulnaga said Sunday the CBE and the International Monetary Fund (IMF) have not agreed on the value of a planned financial assistance agreement so far.

Rami Abulnaga told MENA that negotiations are still underway to reach the agreement, set to be divided into two packages.

A Rapid Financing Instrument (RFI) will be received within the next few weeks, the CBE deputy governor said.

The package will be urgently determined upon certain accounting transactions based on the performance and indicators of the Egyptian economy. Repayment will be within 5 years, he added.

Another one-year Stand-By Arrangement (SBA) will be requested to allow the government to address any immediate balance of payments needs, Abulnaga said.

The package will be divided into three installments; the first will be received immediately after signing the agreement, he added.