Egypt: Economic Losses Soar to $23.6 Billion Due to Pandemic

Egypt: Economic Losses Soar to $23.6 Billion Due to Pandemic

Social spending boosted to counter hardship Egyptian economic losses arising from the pandemic have reached 370 billion Egyptian pounds ($23. 6 billion). Finance minister Mohamed Maait also revealed the country's deficit for the current fiscal year is about 500 billion Egyptian pounds, while overall debt is within 88 percent of GDP, Al Arabiya reported. "More than 100 billion Egyptian pounds have been spent to support the sectors affected by the pandemic," he said. He said that 132. 5 billion Egyptian pounds had been transferred from the state treasury to the Insurance and Pensions Fund between July and March of the fiscal year 2020/2021. Egypt has spent 388. 5 billion Egyptian pounds on social protection programs, over the period, representing a 17 percent increase on a year earlier.