(MENAFN- Kuwait News Agency (KUNA)) The International Monetary Fund (IMF) and Egypt have reached an agreement on a 22-month Stand-By Arrangement (SBA) up to USD 4.8 billion, it was announced here Tuesday.
The IMF said in a statement that an IMF staff mission headed by Andreas Bauer, Division Chief in the Middle East and Central Asia Department, and the Egyptian authorities have reached a staff-level agreement on a 22-month SBA In the amount of about USD 4.8 billion.
It added that the SBA "will support the government's economic program through fiscal year 2013/14." It noted that Egypt's request for an SBA is expected to be submitted to the IMF Executive Board for approval in a few weeks.
Bauer said in a statement from Egypt on this occasion that "the Egyptian authorities have developed a national program that seeks to promote economic recovery, address the country's fiscal and balance of payments deficits, and lay the foundation for rapid job creation and socially balanced growth in the medium term."
The IMF official added that "the policies contained in the authorities' program will help address Egypt's pressing economic and social challenges, and reduce vulnerabilities."
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