Egypt’s Prime Minister Mostafa Madbouly on Sunday said the government has asked the International Monetary Fund (IMF) for financial support to get back investors’ confidence in the economy as authorities work to get back everything back on track amid the coronavirus pandemic, reported Reuters.
Madbouly said the government had to take the step as the coronavirus is putting pressure on Egypt’s tourism sector, an important contributor to the economy, as well as other sectors.
“We will begin discussions with the IMF concerning the new finance within the next few days,” Madbouly said.
In a statement, the IMF said that it expects an Egyptian request for rapid financing to be presented to its board within weeks.
“We fully support the government’s aim to safeguard the significant gains made under the successfully completed three-year Extended Fund Facility last year,” Kristalina Georgieva, Managing Director of the IMF, said in the statement.
Georgieva said the emergency financing under the RFI will enable the government to address any immediate balance of payments needs and support the most affected sectors and vulnerable groups of people. She also lauded President El Sisi and his government’s quick response with measures to limit the spread of coronavirus in the country and provide support to affected people and businesses.
Egypt has imposed a partial lockdown since last month. The government has shut down schools, suspended flights and imposed nationwide curfew to control the outspread of coronavirus.
The government also put a ban on Friday prayers and congregational prayers in mosques nationwide on March 21 and churches were closed across the country as well.
On Sunday, Egypt’s Ministry of Health reported 215 new coronavirus cases in the country. The new cases raise the total number of confirmed COVID-19 patients in Egypt to 4,534 and deaths to 317, Health Ministry Spokesman Khaled Megahed said.
