U.S. hails IMF loan approval for Egypt, reiterates support for its economic development

U.S. Ambassador to Cairo Jonathan Cohen welcomed on Wednesday the International Monetary Fund‘s (IMF) approval of urgent financial assistance to Egypt, as it reiterates its support for the country’s economic development.

IMF’s executive board approved on Monday Egypt’s request for $2.772 billion (100 percent of the country’s quota) under Rapid Financing Instrument (RFI) to meet the urgent needs of the balance of payments owing to the outbreak of the coronavirus pandemic.

“We welcome the International Monetary Fund (IMF)’s approval of almost $2.8 billion Rapid Financing Instrument to support Egypt’s balance of payment needs during this worldwide period of economic uncertainty. The United States supported Egypt’s request and will continue to partner with Egypt to support the country’s economic development.” Cohen said in a statement.