Egypt received USD 2.8 bn financial assistance under the International Monetary Fund’s (IMF) Rapid Financing Instrument on May 12, the Middle East News Agency (MENA) reports.

The fund will help Egypt alleviate some of the most pressing financing needs, including spending on health, social protection, and supporting the most impacted sectors and vulnerable groups, according to a May 11 statement by the IMF.

Also, the fund serves to put an end to the drop in Egypt’s international reserves, which fell to USD 37 bn in April and USD 40.5 bn in March, compared to USD 45 bn in February.

The Washington-based international fund announced earlier its approval for Egypt’s request for USD 2.772 bn in financial aid.

The emergency support will help the North African country limit the decline in international reserves and provide financing to the budget for targeted and temporary spending, aimed at mitigating the economic impact of the pandemic, according to Geoffrey Okamoto, first deputy managing director, and acting chair at the IMF.