Egypt to Seek Financial Support from IMF to Cope with the COVID-19 Crisis

Egypt is expected to commence discussions with the International Monetary Fund (IMF) over the next few days to request financial support to cope with the COVID-19 crisis. Kristalina Georgieva, Managing Director of the IMF, stated that if the comprehensive financial support is approved, this will help reinforce confidence in Egypt’s economy and lay the foundation for a strong economic recovery.

According to Prime Minister, Mostafa Madbouly, the Government of Egypt is pressed to request for financial support due to the impact on the tourism sector as well as other sectors. Tourism, which accounts for 12-15 per cent of gross domestic product, has been shut down in Egypt following the closure of airports. In addition,...