COVID-19: IMF Approves Egypt’s Request for USD 2.77 Billion Financing

The International Monetary Fund's (IMF) Executive Board has approved Egypt's application for USD 2.772 billion in emergency financial support under the Rapid Financing Instrument (RFI) to address the immediate balance of payment requirements resulting from the spread of the COVID-19 pandemic.

The IMF said in a statement that under an IMF-supported economic reform program, Egypt had seen a remarkable turnaround with regards to correcting its large external and domestic imbalances, prior to COVID-19. However, that progress was now threatened by the outbreak of the pandemic. According to the IMF, the RFI would help address some of Egypt's most crucial funding requirements, including expenditure on health, social security, a...