Egypt seeks International Monetary Fund (IMF) support amidst COVID-19

Amidst the coronavirus pandemic, nations have been suffering both along health as well as economic lines.

In order to ease the burden on its economy as a result of the COVID-19, Egypt is seeking an aid package from the International Monetary Fund (IMF).

The news was confirmed by Prime Minister Mostafa Madbouli in a press conference held virtually on April 26 in the presence of the Governor of the Central Bank as well as other ministers.

IMF Managing Director Kristalina Georgieva on the same day said Egypt’s request will be presented to the Fund’s executive board “within the next few weeks” and added that Egypt had “responded quickly and decisively” to limit the spread of the virus and support affected people and businesses.

Praising the central bank, Kristalina Georgieva said, “the Central Bank of Egypt has also implemented timely measures to support the domestic economy”.

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