Egypt seeks aid from IMF amid virus downturn

Egyptian Prime Minister Mostafa Madbouli does not specify the size of the one-year financial aid package the government is seeking from the International Monetary Fund. coronavirus

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.Touting the North African economy's strong performance before the outbreak, he 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% 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., the economy of the Arab world's most populous country has sustained multiple shocks caused by political instability and security issues.

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