Egypt seeks aid from IMF amid virus-inflicted downturn

In a televised press conference with the central bank governor and other ministers, Madbouli did not specify the size of the one-year financial aid package the government was seeking from the IMF alongside technical assistance.In a statement Sunday, IMF Managing Director Kristalina Georgieva said Egypt's request would be presented to the Fund's executive board"within the next few weeks".

Georgieva added that"the Central Bank of Egypt has also implemented timely measures to support the domestic economy."Madbouli, while touting the North African economy's strong performance before the outbreak, said the aid package was crucial, given that flights are grounded and tourism halted. Planning Minister Hala Saeed said that even though the"unprecedented crisis" prompted by the virus had affected global markets, Egypt was still on track to achieve 4.5 percent growth this year.

Egypt previously signed a $12 billion aid package with the Washington-based IMF in 2016, with the last tranche paid out last year.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

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