Egypt secures $5.2 billion IMF loan amid coronavirus fallout

The International Monetary Fund Friday approved Egypt’s request for a $5.2 billion loan as the country’s economy reels from the financial fallout of the coronavirus pandemic.

The one-year arrangement, which comes on top of a separate $2.77 billion emergency financing announced last month, aims to boost Egypt’s social spending, spur job creation and advance structural reforms to "put Egypt on a strong footing for sustained recovery," the IMF said in a statement.

Egypt had been one of the fastest-growing emerging markets in the world before the pandemic. Now, the IMF warned, disruptions "have worsened the economic outlook and reshuffled policy priorities."

There was no immediate comment from the Egyptian government on the loan’s approval.