Egypt Asks IMF for Financial Aid Amid Coronavirus Fight

Egypt Asks IMF for Financial Aid Amid Coronavirus Fight

The government wants to "preserve the gains of the economic reform program and to take proactive steps" since it's still unclear how the virus pandemic will play out, Prime Minister Mostafa Madbouly said earlier in a televised briefing.. The reform program, which won praise from the fund, helped the nation realize annual GDP growth of about 6%.. The virus pandemic, though, has forced authorities to lower their growth projections for the current fiscal year to 4.2% from 5.6%.. The "comprehensive package of financial support, if approved, would help strengthen confidence in the Egyptian economy, make further progress to protect the most vulnerable and provide the basis for a strong economic recovery," the IMF said..