IMF approves $2.77bn emergency virus loan for Egypt

The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic.

The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.

The emergency funding will help finance "targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic," First Deputy Managing Director Geoffrey Okamoto said.