The IMF (International Monetary Fund), through its Rapid Financing Instrument (RFI), has approved a $2.77 billion (KSh 295 billion) emergency loan for Egypt to help it curb the economic effects of COVID-19.
The approval comes after Egypt, last month, asked the international lender for one-year financial assistance to enable the government to meet its needs in terms of the balance of payments and rescue the most affected sectors, as well as the most vulnerable people in the country.
Africa News reports that by November 2016, Cairo had already secured a $12 billion (€10.7 billion) support package from the IMF, the last tranche of which was disbursed last year.
According to Egypt’s Central Bank governor, Tarek Amer, the pandemic has caused Cairo’s foreign exchange reserves to fall from $45.5 billion in February to $40.1 billion in March.
In the wake of the coronavirus, several countries have received financing from the IMF, including:
- Kenya: $739 million
- Nigeria: $3.4 billion
- Uganda: $491.5 million
- Rwanda: $109.4 million
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