Ten months after exiting a $12bn IMF sponsored reform program, Cairo is knocking at the Fund’s door once more. The country’s Prime Minister Mostafa Madbouly announced on 26 April that Egypt is “seeking financial assistance from the IMF in the form of a one-year program, to help offset the impact of the [coronavirus] pandemic.”
This was confirmed on the same day by IMF Managing Director Kristalina Georgieva, although the amount of the assistance was not forthcoming. “To support these efforts and contain the economic and financial impact of the pandemic, the Central Bank and the Government of Egypt have requested financial assistance from the IMF under the Fund’s Rapid Financing Instrument (RFI) and a Stand-By Arrangement (SBA),” she says. (CONTINUED - 301 WORDS)
