People wear protective face masks amid concerns over the coronavirus disease (COVID-19) walk in front of the closed El Sayeda Zainab Mosque near markets that sell traditional Ramadan lanterns, in Cairo Image Credit: Reuters

The International Monetary Fund's executive board on Monday approved Egypt's request for $2.77 billion in emergency financing to help the Egyptian government meet urgent budget needs related to the new coronavirus pandemic, the Fund said.

The IMF said it remained closely engaged with the Egyptian government and the Central Bank of Egypt, and stood ready to provide further support as needed.

IMF First Deputy Managing Director Geoffrey Okamoto said Egypt would need "additional expeditious support" from multilateral and bilateral creditors to close its remaining balance of payments gap, ease the adjustment burden, and preserve Egypt's hard-won macroeconomic stability.