He added in statements during signing a contract of supplying natural gas to the industrial area in Eastern Port Said between the General Authority for the Suez Canal Economic Zone and Sinai Company for Gas that his ministry is working to benefit from natural gas for achieving social and economic development.
The system was liquid, profitable, and well capitalized heading into the crisis, but risks around banks’ loan portfolios, capital costs, and profitability have increased due to the economic slowdown.
IMF clarified that this percentage came as the global recovery is now expected to be more gradual and domestic activity is projected to remain weak for longer.
The Consumer Price Index in Egypt has recorded a negative monthly rate of 0.1 percent in July, compared to negative 0.3 percent for the same month last year, the statement added.
On a monthly basis, inflation recorded 107.8 points in July 2020, marking an increase of 0.2 percent compared to June 2020.
The 2020/2021 budget will continue to prioritize health, education and social conditions, Finance Minister Mohamed Mait said Saturday.
“Egypt has retained the confidence of all three international evaluation institutions, Standard & Poor's, Moody's, and Fitch, during one of the most difficult periods of the global economy,” the American bank stated.
Rabie added that the canal’s revenues during the first eight months of 2020 hit $3.3 billion, through crossing 11,250 ships, with a total net tonnage of 693 million tons.
The announced schedule includes 28 international flights in addition to the domestic and cargo flights it operates daily for the world's capitals and cities.
The main target of the Local Development Fund is to finance several projects to support the households and women in increasing their incomes, Shaarawi said.
The Minister of Finance added that the ratio of public debt is expected to decline to 86.2% of GDP in June 2020, compared to 90.4% of GDP in June 2019, 108% of GDP in June 2017 and 95.1% in June 2014.
The improvement in the current account deficit has been maintained during the first quarter of the year to stand at $2.8 billion compared to $4.5 billion in the same period the previous year.
Fitch expected real GDP growth to be 2.5 percent in the fiscal year ending June 2021 (FY21), well below average growth of 5.5 percent in FY18 and FY19.
The cabinet attributed the decline of inflation to the decrease in food prices.
In press statements, Qabbag said branches of the general establishment for social solidarity spread across Egypt and are working on offering aid to the neediest families.
The seminar was organized in cooperation with the Canada Arab Business Council.
Gamil noted the state accomplished things and many challenges, describing them as miracles that led us to that stable stage with the least amount of problems and burdens.
The report attributed the country's strong economic performance, in the face of a coronavirus-led recession, to the bold economic reform program adopted by the government over the past years.
The silver lining in the Covid-19 cloud is that many of the reforms have been expedited. In dealing with the immediate socio/economic challenges, Egypt has undertaken many actions to prepare for the future with all stakeholders.
Ma’it said that the fund will be launched with a capital of LE 2 billion, and it will have multiple goals.