Finance min.: Overall deficit decreased by 7.8% despite COVID-19

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Wed, 29 Jul 2020 - 01:58 GMT

Egyptian currency_Reuters

Egyptian currency_Reuters

CAIRO - 29 July 2020: Finance Minister Mohamed Ma'it asserted on Wednesday that the GDP is expected to decrease by LE 202 billion compared to earlier estimations.


This came during a cabinet meeting that was held via the video conference to discuss the initial estimations of the financial performance of the 2019-20 fiscal year.



He noted that the Egyptian economy is expected to achieve a growth rate that reaches 3.8 percent due to the COVID-19 consequences.



He added that the initial estimations show that the overall deficit decreased by 7.8 percent comparing to 8.2 percent in 2018-19 fiscal year.



He underlined that Egypt had maintained all ratings of international rating institutions despite the pandemic that rocked the whole world in which Egypt achieved a real growth rate in 2020, noting that it is considered the highest growth rate in the whole world.

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