The Egyptian government and the Central Bank of Egypt have requested a new financial package from the International Monetary Fund (IMF), according to the Rapid Funding Tool program and the Stand-By Arrangement program, to enhance the state’s to counter the coronavirus pandemic. An Egyptian Cabinet press release said that discussions with IMF on this request have entered an advanced stage. This pre-emptive step follows the success of the economic reform program and comes about in order to maintain the continued gains achieved by Egypt’s economy, in light of these exceptional worldwide circumstances. These monetary and financial reform policies have succeeded in enabling the government to provide and finance many initiatives guaranteeing the maintenance of production and employment continuity, especially for the private sector. Egypt’s government has shut down schools, suspended flights and imposed nationwide curfew to control the outspread of coronavirus.

Source: Egypt Independent April 26, 2020 16:07 UTC