CAIRO — Over the past few weeks, Egypt's foreign debt reached record numbers, after obtaining loans worth about $7.9 billion from the International Monetary Fund (IMF) under two different agreements, in addition to selling $5 billion worth of Egyptian bonds abroad.

According to the latest World Bank report on Egyptian foreign debt released in May, Egypt accumulated debts amounting to about $112 billion in 2019, an increase of 16% compared to 2018. This figure does not, however, include new debts incurred by Egypt during 2020 as the annual report only covered 2019.

On May 11, Egypt received a $2.7 billion loan from the IMF, after Cairo’s request for emergency financial assistance, known as Rapid Financing. This loan represents 100% of its quota according to the IMF’s Rapid Financing Instrument (RFI) provided to countries that apply for emergency loans.

The IMF’s Institute of International Finance said in a statement, “The RFI will help alleviate pressing financing needs, including for health, social protection, and supporting the most impacted sectors and vulnerable groups.”