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EU needs 'more robust' China strategy: Foreign policy chief

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EU needs 'more robust' China strategy: Foreign policy chief

EU needs 'more robust' China strategy: Foreign policy chief EU needs 'more robust' China strategy: Foreign policy chief
The European Union must adopt a "more robust" strategy to deal with an increasingly assertive China, the bloc's foreign policy chief said Monday...
Read More...

IMF approves $2.77 bn emergency virus loan for Egypt

IMF approves $2.77 bn emergency virus loan for Egypt IMF approves $2.77 bn emergency virus loan for Egypt
The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic,...
Read More...

EU to reassure Balkan hopefuls they are not forgotten

EU to reassure Balkan hopefuls they are not forgotten EU to reassure Balkan hopefuls they are not forgotten
With the coronavirus crisis hardening Europe's borders and draining the continent's resources, Brussels is trying to reassure its Balkan neighbours...
Read More...

Divided EU leaders meet on virus recovery plan

Divided EU leaders meet on virus recovery plan Divided EU leaders meet on virus recovery plan
EU leaders are set to haggle on Thursday over a giant package to help their economies recover from the coronavirus pandemic, but bitter divisions...
Read More...

Thousands of Israelis demonstrate to 'let democracy win'

Thousands of Israelis demonstrate to 'let democracy win' Thousands of Israelis demonstrate to 'let democracy win'
Thousands of Israelis demonstrated Sunday in Tel Aviv to warn against what they said was a threat to democracy from ongoing coalition talks...
Read More...

New round of EU-UK Brexit trade talks next week

New round of EU-UK Brexit trade talks next week New round of EU-UK Brexit trade talks next week
British and European Union officials on Wednesday agreed to schedule three new rounds of post-Brexit trade talks, starting next week, after...
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EU to debate strategy to exit virus lockdown

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The European Commission will on Wednesday consider how to craft a plan to ease the bloc out of a virus lockdown that has dealt a body blow...
Read More...

US warns Hungary on 'undue' rights restrictions over virus

US warns Hungary on 'undue' rights restrictions over virus US warns Hungary on 'undue' rights restrictions over virus
The United States on Wednesday warned Hungary against restricting human rights and press freedom after parliament gave nationalist leader Viktor...
Read More...

Spectre of coronavirus quarantine haunts Hungarian democracy

Spectre of coronavirus quarantine haunts Hungarian democracy Spectre of coronavirus quarantine haunts Hungarian democracy
A "dictatorship" at the heart of the EU? A draft law to grant anti-coronavirus emergency measures set for adoption by Budapest has alarmed...
Read More...

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The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic, but said the government will

need more financial help.

The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.

The emergency funding will help finance "targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic," First Deputy Managing Director Geoffrey Okamoto said.

However, he cautioned that Cairo will need "additional expeditious support from multilateral and bilateral creditors ... to close the remaining balance of payments gap, ease the adjustment burden, and preserve Egypt's hard-won macroeconomic stability."

The emergency funds come from the Washington-based crisis lender's Rapid Financing Instrument, which has been ramped up to get aid quickly to developing nations most vulnerable to the economic effects of shutdowns to contain the outbreak.

IMF Managing Director Kristina Georgieva said the fund has received over 100 requests for aid from its members, and that developing countries will need about $2.5 trillion to deal with the impacts of the pandemic. Last week the fund said it had approved 50 such loans.

Egypt has suffered over 500 COVID-19 fatalities with nearly 10,000 cases, according to John's Hopkins University's tally.

The country has gradually started to reopen after President Abdel Fattah al-Sisi's government has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa's largest economy.

Having shuttered shops and cafes in late March and forced millions of civil servants to stay home, it is slowly reversing some of these measures, bringing back many state workers and extending the trading hours of shops and malls.AFP

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