On 12 May 2020, the International Monetary Fund (IMF) approved a $2.77 billion (KSh 295 billion) emergency loan for Egypt through its Rapid Financing Instrument (RFI) to help the country curb the economic effects of COVID-19.
The loan comes after Egypt requested one-year financial assistance from the IMF to meet its balance of payments needs and rescue the most affected sectors and vulnerable people in the country.
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.
Notably, this is not the first time Egypt has received financial assistance from the IMF. In November 2016, Cairo secured a $12 billion (€10.7 billion) support package from the IMF, with the last tranche disbursed the previous year.
Several countries have received financing from the IMF in the wake of the coronavirus, including Kenya ($739 million), Nigeria ($3.4 billion), Uganda ($491.5 million), and Rwanda ($109.4 million).
