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IMF approves $2.77bn emergency support for Egypt

IMF approves $2.77bn emergency support for Egypt
The funding will help shoring up international reserves

Cairo – Mubasher: The International Monetary Fund’s (IMF) executive board approved the $2.772 billion rapid financing instrument (RFI) requested by Egypt to meet the urgent balance of payments needs in the face of the coronavirus (COVID-19) crisis.

The RFI will help alleviate some of the most pressing financing needs, including for spending on health, social protection, and supporting the most impacted sectors and vulnerable groups,” the IMF said in a statement on Monday.

The funding will help shoring up international reserves and financing planned and temporary spending.

The pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability if not addressed,” the IMF pointed out.