Egypt Lost 125 Billion Pounds Because of "Corona"

  • Cairo, Arab Republic of Egypt
  • 23 June 2020

The Egyptian Minister of Finance Mohamed Maait revealed the great impact of the Corona pandemic on both sides of revenues and expenditures, pointing out that “the Corona pandemic has eaten 125 billion pounds of expected revenues for the Egyptian budget in the current fiscal year,” noting that “handing over the general budget to Parliament has a constitutional date, as the budget is prepared from December to February of the following year, therefore any delay in delivery will have major constitutional repercussions.

Maait stressed that "The government assumed three scenarios for the targets of the budget for the new fiscal year, in light of accurate analyzes, to assess the negative effects of the Corona crisis on the budget, as it is expected that public revenues will drop from 1.288 trillion pounds that were targeted in the next fiscal year before the pandemic to 1200 trillion by 6.8, in addition to the increase in the total deficit from 6.3 to 7.5% of the gross domestic product, the initial surplus decreased from 2% to 0.7%, and in case the epidemic continues until the end of 2020, this will increase the burdens and shocks on the income items and the general revenues will decrease from 1288 trillion pounds to 1148 trillion by 11.5 percent and the total deficit rises to 8.4% and achieving an initial deficit of 0.1%, and if the pandemic extends until June 2021, public revenues will decrease from 1288 trillion pounds to 1108 trillion, by 14.1%, and the total deficit rises to 0.9%, and the deficit The initial 0.7 percent."

Source ( website, Edited)

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