IMF to consider Egypt’s rapid financing loan request on May 11
The executive board of the International Monetary Fund (IMF) is due to meet on May 11 to consider Egypt’s request for a Rapid Financing Instrument (RFI) loan, according to the board’s calendar.
Late April, Egypt’s Prime Minister Moustafa Madbouly announced that the country asked the IMF for financial support to help it deal with the new coronavirus outbreak.
IMF’s Managing Director Kristalina Georgieva explained that Egypt is seeking a Stand-By Arrangement (SBA) loan as well as the emergency financing under the RFI.
The two loan schemes are designed for countries facing urgent or potential balance of payments problems.
Egypt is potentially eligible for as much as $2.78 billion under the RFI and around $4 billion per year under the SBA, according to analysts and information on the IMF’s website.