The IMF added that it remains in close contact with the government of Egypt and its central bank, and it is ready to provide more support when needed.
Jeffrey Okamoto, First Deputy Executive Director of the International Monetary Fund, said that Egypt will need quick additional support from bilateral creditors and multilateral institutions to bridge the remaining gap in its balance of payments and reduce the burden of structural adjustment And maintain the macroeconomic stability you have worked hard.
The Ministry of Health in Egypt announced 346 new cases of coronavirus yesterday, bringing the total number of confirmed cases to 9746, of whom 533 had died. >
The pandemic led to the closure of the tourism sector in Egypt, which is a vital source of foreign exchange earnings, and threatens the Suez Canal income and remittances from Egyptians working abroad.
Egypt's foreign exchange reserves fell to $ 37 billion from more than $ 45.5 billion at the end of February.
The government has taken steps to contain the outbreak of the virus, including a night curfew and the closure of cafes and mosques, but it has not reached the point of imposing complete isolation while seeking to keep the economy in circulation.
The IMF said that Egypt had implemented a successful economic program before the outbreak of the Corona virus.
Okamoto said that the new loan will help the Egyptian authorities to continue spending on health and social protection, support the most affected sectors and vulnerable groups, and restrict the decline in international reserves.
He added that the Egyptian authorities pledged to be fully transparent and accountable about the spending related to the crisis and agreed to publish information on procurement plans and awarded contracts and to conduct audits of such spending.
He said that as the crisis recedes, it will be important for Egypt to resume measures to reduce its debt level and continue to implement structural reforms.
