Addressing a virtual conference held as part of the IMF Annual Meetings, Azour added that through pressing ahead with Egypt's economic reform program, the government will be able to create more jobs and expedite economic recovery.

Egypt needs between 700 and 800 thousand job opportunities each year, which can be met by the private sector in case of upping productivity, enjoying access to new markets, and offering different types of finance, Azour said.

He noted that Egypt had obtained a $5.4 billion loan as part of a 12-Month Stand-By Arrangement to support the government’s economic reform program during the pandemic.

Azour also commended the Egyptian government's efforts under the Takaful and Karama (Solidarity and Dignity) social protection program to protect those most vulnerable to the economic fallout from the corona crisis.