IMF to allocate $5.2 billion to Egypt to cope with pandemic consequences

Egypt will receive $5.2 billion from the International Monetary Fund (IMF) in the form of an annual loan to overcome the consequences of the pandemic of a new coronavirus. This decision of the IMF Executive Board on June 26 is reported by the press service of the fund. The IMF Executive Board approved the allocation of $5.2 billion to Egypt for a period of 12 months as part of the stand-by credit mechanism. This will help Egypt cope with the challenges of the pandemic COVID-19 by providing for the needs of the balance of payments and financing the budget deficit, the document says. According to IMF, this program will help the country's authorities maintain the achievements over the past four years, cover the accumulated costs in the field of health and social care, protect the most vulnerable groups, and advance a number of key reforms. According to the news agency, in Egypt there were 61,130 cases of infection with coronavirus SARS-CoV-2, and COVID-19 people died from complications with 2,533. In addition, 16,338 previously infected recovered and discharged from hospitals.