IMF approves $2.77bn emergency virus loan for Egypt  

The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform
11 May, 2020
  • The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program.

The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.

The emergency funding will help finance "targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic," First Deputy Managing Director Geoffrey Okamoto said.

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