Egypt Asks IMF for Financial Aid Amid Coronavirus Fight
A person sweeps a street in the area around Bab Zuweila, one of the remaining gates in the walls of the old medieval city of Egypt's capital Cairo, on April 24.
Photographer: Mohamed el-Shahed/AFP via Getty Images
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Egypt has asked the International Monetary Fund for financial assistance to shore up investor confidence in the economy as authorities work to offset the impact of the coronavirus pandemic.
Talks with the Washington-based lender are in “an advanced stage” and involve the use of the IMF’s Rapid Financing Instrument and a Stand-By Arrangement, Egypt’s cabinet said Sunday in a statement. These lending tools offer rapid and flexible funding without the strings of a full program, according to the IMF website.