CAIRO, May 11 (Xinhua) -- The Executive Board of the International Monetary Fund (IMF) approved on Monday Egypt's request for emergency financial assistance of 2.772 billion U.S. dollars over the COVID-19 outbreak.

The fund, which came under the Rapid Financing Instrument (RFI), aimed to meet Egypt's urgent balance of payments stemming from the COVID-19 pandemic.

Prior to the COVID-19 shock, Egypt carried out a successful economic reform supported by the IMF's Extended Fund Facility to correct large external and domestic imbalances, according to an IMF statement.

The COVID-19 pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt's hard-won macro-economic stability if not addressed, it noted.

The RFI will help alleviate some of Egypt's most pressing financing needs, including those for spending on health, social protection, and supporting the most impacted sectors and vulnerable groups, the IMF said.

Egypt announced in late April that it had asked the IMF for financial support to help deal with the coronavirus crisis.

In mid-March, Egyptian President Abdel-Fattah al-Sisi allocated 100 billion Egyptian pounds (6.35 billion U.S. dollars) to finance an anti-coronavirus plan. Enditem

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