IMF to mull Egypt's request for loan in May 11 meeting

WASHINGTON - 7 May 2020: The executive board of the International Monetary Fund (IMF) will meet on May 11 to consider Egypt's request for a Rapid Financing Instrument (RFI) loan, according to the board's calendar published on the fund's website.

In April, Egypt's Prime Minister Moustafa Madbouli asked the IMF for financial support to help the country deal with the new coronavirus outbreak.

Madbouli is seeking a Stand-By Arrangement (SBA) loan as well as the emergency financing under the RFI.

Egypt is potentially eligible for as much as $2.78 billion under the RFI on the back of the success of its economic reform program and about $4 billion per year under the SBA, according to analysts and information on the IMF website.

The two programs are designed for countries facing urgent or potential balance of payments problems.