Egypt’s economy is reeling as the coronavirus pandemic keeps tourists away, erodes remittances and undercuts spending by Egyptians whose wages were already depressed due to recent years of government austerity. The toll has forced the Egyptian government to turn once again to the International Monetary Fund, which on Friday agreed to the country’s request for a $5.2 billion loan. The IMF approved a separate request from Cairo for a $2.77 billion loan in May.

Source: Wall Street Journal June 26, 2020 13:39 UTC