Finance min.: Overall deficit decreased by 7.8% despite COVID-19

CAIRO - 29 July 2020: Finance Minister Mohamed Ma'it asserted on Wednesday that the GDP is expected to decrease by LE 202 billion compared to earlier estimations.

This came during a cabinet meeting that was held via the video conference to discuss the initial estimations of the financial performance of the 2019-20 fiscal year.

He noted that the Egyptian economy is expected to achieve a growth rate that reaches 3.8 percent due to the COVID-19 consequences.

He added that the initial estimations show that the overall deficit decreased by 7.8 percent comparing to 8.2 percent in 2018-19 fiscal year.

He underlined that Egypt had maintained all ratings of international rating institutions despite the pandemic that rocked the whole world in which Egypt achieved a real growth rate in 2020, noting that it is considered the highest growth rate in the whole world.