Sharjah 24 – KUNA: The Executive Board of the International Monetary Fund (IMF) completed Wednesday the second and final review of Egypt’s economic reform programme supported by a 12 month Stand-By Arrangement (SBA), allowing the authorities to draw about USD 1.7billion.

The IMF announced in a statement "the completion of the review allows the authorities to draw about USD 1.7 billion, bringing total purchases under the SBA to about USD 5.4 billion." The arrangement was approved by the Executive Board in 2020 "to support the authoritiesآ ‘economic reform program during the COVID-19 crisis." 

The programme aimed to address "balance of payments needs arising from the pandemic, support the authorities‘ efforts to maintain macroeconomic stability while preserving achievements made over the prior years, and advance key structural reforms." "Deepening and broadening structural reforms will be essential to address post-pandemic challenges, strengthen buffers and unleash Egypt’s enormous growth potential with benefits for all Egyptians," the IMF noted.