IMF approves $2.77 bln in emergency pandemic aid for Egypt

The International Monetary Fund's executive board approved Egypt's request for $2.77 billion in emergency financing Monday to help the Egyptian government meet urgent budget needs related to the new coronavirus pandemic, the Fund said.

The IMF said it remained closely engaged with the Egyptian government and the Central Bank of Egypt, and stood ready to provide further support as needed.

IMF First Deputy Managing Director Geoffrey Okamoto said Egypt would need "additional expeditious support" from multilateral and bilateral creditors to close its remaining balance of payments gap, ease the adjustment burden, and preserve Egypt’s hard-won macroeconomic stability.