Around $35 billion ‘hot money’ left Egypt since pandemic – minister

Egypt’s Finance Minister Mohamed Maait said on Sunday that around $35 billion in short-term investment “hot money” had exited the country since the outbreak of the coronavirus pandemic.

However, Maait further said the country is working to absorb all the negative repercussions that already hurt world economies through the implementation of more national projects, notably the Decent Life presidential initiative, which aims to develop the entire Egyptian countryside.

The minister made these remarks during an event in Fayoum City to highlight the importance of the universal health insurance project in reducing poverty rates and achieving sustainable development.