At the same time, the IMF's Fiscal Monitor showed global government debt is set to top $100 trillion for the first time this year.

In January this year, the IMF granted Kenya a new loan of more than $941 million (Sh121.9 billion) to help reinforce Kenya's finances.

The IMF action, repeatedly postponed and eagerly awaited by the Egyptian government, arrives at a time of mounting difficulties for its economy.