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Stand By Agreement

The one-year confirmation agreement, submitted for approval by the IMF`s Executive Board, follows the $2.8 billion in emergency aid the North African nation secured last month as part of the Fund`s rapid financial instrument as part of the country`s plan to close its funding gap. TEGUCIGALPA, Honduras, 2 November 2020 /PRNewswire/ — The Government of Honduras and a technical team from the International Monetary Fund have agreed on the third revision of the IMF-supported Honduras programme under the Confirmation Agreement (SBA) and the Confirmation Mechanism (SCF). Finance Minister Marco Midence stressed that the agreement was an exceptional achievement and would allow Honduras access to the funds granted in the midst of the country`s economic and economic reactivation. Egypt and the International Monetary Fund have reached a staff-level agreement on a $5.2 billion confirmation agreement to mitigate the economic benefits of Covid-19, the Washington-based lender said in a statement on Friday. “Despite the challenges posed by the pandemic, governments have made significant progress in implementing the structural reforms needed to foster strong and inclusive growth, including improving governance and improving the business environment.” The funding gap is “fully covered” by imf funding, other multilateral institutions or bilateral agreements, Deputy Central Bank Governor Rami Abulnaga said last month in an interview with Saudi television channel Al-Arabiya. These criticisms have been less pronounced in recent years, particularly since 2009, when the IMF`s SBA policy was modified to better meet the needs of recipient countries. Greece, which came close to a sovereign debt crisis in 2010 and 2011, may be an exception. The resulting significant reductions in public spending led to mass protests and riots. In this case, there is growing criticism of the requirements for euro membership, as significant financial aid also comes from other euro area countries, not from an IMF confirmation regime.

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