Egypt: Growth expected to slow to 2% if Coronavirus pandemic continues till December

Egypt was expecting a growth of 3.5% in fiscal year 2020-21, which starts in July. However, it could slow to 2% if Coronavirus pandemic extends till December, country’s planning minister Hala Al-Saeed said in a statement on May 3. She ded that government h been targeting annual growth of 5.6% in current fiscal year, but w has lowered its expectations to 4.2 per cent due to crisis. 

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Egypt has till w reported  6,193 positive cases and 415 death due to dely virus.  Afro-Asian nation has alrey suffered major financial losses due to pandemic.

On April 26, country's offcials anunced that y h asked International Monitory Fund for financial assistance to deal with ecomic fallout caused by coronavirus. Neir Egypt r IMF specified size of one-year bailout loan, which Prime Minister Mustafa Mbouly reportedly said would include “a financial pack alongside technical support.”

'1 in 3 Egyptians were alrey poor' 

Egypt has been under a partial lockdown since mid-March, with a curfew in place from 9 p.m. to 6 a.m. According to reports, schools, mosques, churches and archaeological sites have been closed across nation, although many businesses remain open during day.  With tourism and aviation at a standstill, partial lockdown threatens livelihoods of many of Egypt’s 100 million people. One in three Egyptians were alrey living in poverty before outbreak, according to government figures.

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Egypt PM Mbouly told a news conference that IMF loan would be a “proactive step” against potential repercussions on Egypt’s ecomy and protect foreign currency reserves, as well as to preserve gains me during ecomic reforms in recent years.

Egypt secured a $12 billion bailout pack from IMF in 2016. As part of reform program, government floated currency, slashed subsidies on fuel, services and utilities, and imposed a value-ded tax.

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Im : AP