Egypt to get first $2.7 billion tranche of IMF rapid financing Monday – sources

Egypt will receive the first $2.7 billion tranche of a rapid financing support from the International Monetary Fund (IMF) next Monday to help it deal with the coronavirus crisis, Masrawy website reported on Tuesday.

Under the IMF’s Rapid Financing Instrument (RFI), the first tranche amounts to $2.7 billion, and Egypt will have further disbursements in early June, a senior official at the country’s central bank told Masrawy on condition of anonymity.

On April 26, Egyptian Prime Minister Moustafa Madbouly announced the country had requested the IMF for financial support as the virus is putting pressure on its tourism sector, an important contributor to the economy, as well as other industries.

On the same day, Kristalina Georgieva, Managing Director of the IMF, said: “We fully support the government’s aim to safeguard the significant gains made under the successfully completed three-year Extended Fund Facility last year,”

“This comprehensive package of financial support, if approved, would help strengthen confidence in the Egyptian economy, make further progress to protect the most vulnerable and provide the basis for a strong economic recovery,” Georgieva added.