(Ecofin Agency) - Egypt will benefit from $2.7billion emergency funds from the International Monetary Fund to meet the urgent balance of payments needs generated by the coronavirus pandemic, limit the decline in international reserves and curb the disease’s economic impacts. The investment is part of the Rapid Credit Facility initiated by the Fund to support vulnerable countries during the crisis.

“Egypt achieved a remarkable turnaround before the COVID-19 shock, carrying out a successful economic reform program supported by the IMF’s Extended Fund Facility (EFF) to correct large external and domestic imbalances. The pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability if not addressed,” IMF said in a statement issued yesterday.

According to the latest data provided by Africa CDC, Egypt has 9,746 confirmed cases of coronavirus, 533 deaths, and 2,172 recoveries. Along with the health crisis, the pandemic also affected tourism and led to a sharp decline in remittances.

The government announced last month the disbursement of EGP100 billion (about $6.3 billion) as part of the fight against the pandemic.

Moutiou Adjibi Nourou