Cairo – Mubasher: Egypt’s gross domestic product (GDP) will decrease by EGP 130 billion due to the coronavirus (COVID-19) pandemic, bringing down the GDP growth target to 4% from 6% in fiscal year 2019/2020, minister of finance Mohamed Maait said.
Tax and non-tax revenues slid by around EGP 124 billion as a result of the current economic situation, Maait added in a statement on Monday.
Moreover, Egypt has so far spent EGP 63 billion out of total EGP 100 billion allocated to finance the country’s efforts against COVID-19 under the directives of the Egyptian President Abdel Fattah El-Sisi.
