Over the past few weeks, Egypt’s foreign debt reached record numbers, after obtaining loans worth about $7.9 billion from the International Monetary Fund (IMF) under two different agreements, in addition to selling $5 billion worth of Egyptian bonds abroad.

Egypt will increase electricity prices in July by up to 19.1 percent according to a plan to gradually lift all energy subsidies by July 2021, Mohamed Shaker, Minister of Electricity and Renewable Energy, announced on Tuesday.

An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the Covid-19 pandemic, the fund announced Friday.

Africa’s largest number of coronavirus has been recorded in Egypt (612), followed by Algeria (548), the World Health Organization (WHO) announced.

Egypt faces an estimated $10bn funding shortfall this year as its economy is battered by coronavirus.

Egypt’s former investment minister has warned a $2.77bn IMF loan will deepen austerity and inflict great harm on the country’s poor, as the Middle East’s most populous nation struggles amid the coronavirus pandemic.

The International Monetary Fund on Monday said its executive board approved $2.77 billion in emergency financing to help Egypt grapple with the new coronavirus pandemic that has brought tourism to a standstill and triggered major capital flight.

Egypt is seeking an aid package from the International Monetary Fund to offset the economic impact of the coronavirus pandemic, Prime Minister Mostafa Madbouli said Sunday.

The World Health Organization (WHO)’s Representative in Egypt John Jabbour on Tuesday warned that Egypt is at a crossroads in the battle against the coronavirus and failure to abide by the state’s instructions could lead to a scenario similar to Italy and Spain.

Kogalymavia and the Prince Group, the owners of the Russian plane, Airbus A231, that crashed in Sinai in 2015, launched a prosecution of Egypt before the International Arbitration Court in the Hague, Al Araby Al Jadeed reported on Friday.