The International Monetary Fund’s executive board has approved Egypt’s request for $2.77 billion in emergency financing as it looks to help the Egyptian government meet urgent budget needs related to the new coronavirus pandemic.
Egypt has been affected severely by travel restrictions imposed to curb the spread of the coronavirus pandemic hampering tourism as a major foreign exchange earner.
The IMF explains that it remains closely engaged with the Egyptian government and the Central Bank of Egypt and stands ready to provide further support as required.
IMF First Deputy Managing Director, Geoffrey Okamoto adds that Egypt will need “additional expeditious support” from multilateral and bilateral creditors to close its remaining balance of payments gap, ease the adjustment burden and preserve the countryt’s hard-won macroeconomic stability.