The International Monetary Fund (IMF) is currently studying a request for financial assistance by the north African country of Egypt to respond to COVID-19 pandemic, the Fund’s Managing Director Kristalina Georgieva said in a statement on Sunday. Ms. Georgieva said Egypt’s request for financial assistance from the IMF was made under the Fund’s Rapid Financing Instrument (RFI) and a Stand-By Arrangement (SBA). “It would also help accelerate Egypt’s reform efforts aimed to support broad-based, job-rich and sustainable growth,” she added. “Like many countries around the world, Egypt’s economy has been impacted by the COVID-19 outbreak, the related global recession, and financial markets turmoil. I expect the request for the RFI to be presented to the IMF’s Executive Board within the next few weeks,” Ms. Georgieva said.

Source: The North Africa Journal April 26, 2020 16:18 UTC