Al-Sisi reviews Egypt's food security, strategic commodity reserves    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Syria says it will defend its territory after Israeli strikes in Suwayda    Egyptian Exchange ends mixed on July 15    Suez Canal vehicle carrier traffic set to rebound by 20% in H2: SCA chief    Tut Group launches its operations in Egyptian market for exporting Egyptian products    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



State revenues expected to drop by EGP 150 bln in FY 2020/21 owing to coronavirus
Published in Ahram Online on 16 - 01 - 2021

State revenues are estimated to decrease by not less than EGP 150 billion in this financial year owing to the coronavirus, said Minister of Finance Mohamed Maait on Friday night.
The forecasts are based on Egypt's economic performance during the second half 2020, he added.
Maait told the Egyptian satellite channel DMC that due to challenges associated with the pandemic, state revenues decreased by EGP 200 billion in 2020 after the coronavirus hit tourism, hotels, and theatres, among others.
The losses of the tourism sector have affected many other industries, including airlines, he added.
The pandemic has thwarted the state's efforts to decrease the budget deficit this year to a targeted 6.3 percent, Maait said, expecting the budget deficit to stand at 7.9 percent, like last year.
The state aimed at increasing the Gross Domestic Product (GDP) to six percent before the pandemic, which could have secured over 750,000 job opportunities, further revenues, and more national projects to be implemented.
Public debt went down from 108 percent to 90.4 percent over the past three years, Maait said, adding that the pandemic hindered its further fall to a previously expected 79 percent.
He noted that the last tranche of the $5.2 billion International Monetary Fund loan will be directed to finance the budget deficit.
Maait reiterated the ministry's commitment to secure the required financial allocations for the import of the coronavirus vaccine doses.
He said that the state will obtain 20 million vaccine doses from the Vaccine Alliance (Gavi) and is currently engaged in negotiations with the British-Swedish AstraZeneca and American Pfizer.
The minister's forecast comes less than a month after Oxford Business Group reported that Egypt's economy is expected to be the only one in the Middle East and North Africa (MENA) region to expand in 2020 despite the pandemic.
President Abdel-Fattah El-Sisi has diected authorities since the beginning of the coronavirus crisis in mid-February to follow a balanced policy that both protects citizens' lives and boosts production and the economy.


Clic here to read the story from its source.