Egypt’s budget revenues to decrease 30% over coronavirus
The Egyptian budget revenues expected to decrease by 25-30 percent during current fiscal year as result of coronavirus negative effects on the economy, says Fiance Minister Mohamed Maait.
The value of Foreign investments in Egypt’s debt instruments decreased to $13.5-14 billion from $28 billion before coronavirus, Maait added during an interview with Al Arabiya
He also confirmed that the stimulus package announced to counter the economic impact of coronavirus could reach 100 billion Egyptian pounds out of which 30 bn pounds has already been disbursed.
He also announced that GDP growth is expected to be at 4.5-5.1 percent down from a pervious projections of 5.7 percent.
Egypt also has allocated 10 billion pounds for lowering the price of electricity and gas to the industrial sector.