The Central Bank of Egypt (CBE) said on Tuesday that the country paid off 6.8 billion U.S. dollars in debt during the first quarter of 2020.

Egypt paid off 5.66 billion dollars in debt installments and 1.14 billion dollars of debt interests from January to March, according to the CBE report.

It noted earlier that Egypt’s foreign debts stood at 111.29 billion dollars by the end of March.

In late June, the International Monetary Fund (IMF) approved a 12-month 5.2 billion dollar loan for Egypt to help the country cope with the implications of the ongoing COVID-19 pandemic.

In August 2019, Egypt received 2 billion dollars from the IMF as the final tranche of a three-year 12-billion-dollar loan to help Egypt implement an austerity-based economic reform program that it started in late 2016.

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