IMF emergency financing for Egypt mitigates coronavirus crunch

The International Monetary Fund has approved a nearly $2.8 billion loan for Egypt to address its economy, which has been hit hard by the coronavirus crisis.
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A man walks in front of a currency exchange bureau showing an image of the US dollar in Cairo, April 20, 2020. To contain the spread of the coronavirus, the streets were almost empty on what would other have been a busy public holiday, Sham al-Nessim, which marks the beginning of spring. The IMF has given Egypt emergency financing to help the country combat the economic effects of COVID-19. - REUTERS/Amr Abdallah Dalsh
Al Monitor: The Pulse of the Middle East
Ahmed Elleithy
@adonisahmed

The International Monetary Fund (IMF) has approved emergency financing for Egypt to help the North African country overcome the financial crunch caused by the coronavirus pandemic.

The IMF agreed May 11 to Egypt’s request for a nearly $2.8 billion loan to address the COVID-19 pandemic. The fund’s emergency assistance under its rapid financing instrument will be earmarked for urgent balance of payments needs stemming from the outbreak of COVID-19, said Rashad Abdo, head of the Egyptian Forum for Economic and Strategic Studies.

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