Just over two weeks since first announcing that it was seeking financial assistance from the IMF (MEES, 1 May), Cairo received $2.77bn “to meet the urgent balance of payments needs stemming from the outbreak of the Covid-19 pandemic.”

Egypt less than a year ago exited a $12bn IMF reform program but “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,” the IMF said on 11 May. Most analysts link Egypt’s economic turnaround of recent years with reforms enacted as part of the IMF program Egypt entered in late 2016 (MEES, 4 November 2016). (CONTINUED - 725 WORDS)