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Wednesday, 21 April 2021

Egypt survived coronavirus crisis with minimum losses: Prime Minister

In March 2020, Egypt allocated EGP 100 billion to contain the COVID-19 outbreak and provide stimulus packages for various sectors hit by the pandemic

Ahram Online , Tuesday 16 Feb 2021
Egypt
Egypt's Prime Minister Mostafa Madbouly in his meeting with the parliamentarians in Cairo (Photo: Egyptian Cabinet)
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Egypt's Prime Minister Mostafa Madbouly said on Tuesday that Egypt survived the coronavirus crisis with “minimum losses” compared to other countries around the world.

“Egypt was and is one of the countries that survived of the coronavirus crisis with minimum losses. You have all been following what is happening in developed countries and the great troubles they are facing,”

Mabdouly's comments came during a meeting with a group of parliamentarians, including the heads of sub-committees as well as the head of the majority bloc and secretary-general of Mostaqbal Watan Party.

Minister of State for Parliamentary Affairs Alaa Fouad also attended the meeting.

In March 2020, Egypt allocated EGP 100 billion to contain the COVID-19 outbreak and provide stimulus packages for various sectors hit by the pandemic.

Madbouly stated that the Egyptian government does not have the luxury of imposing a full lockdown because it would affect the living state of many people, taking in consideration the seasonal and per-diem nature of many jobs in various sectors.

“We had to make a decision that would achieve balance between protecting health and not harming the livelihood of the citizens,” he said.

In 2020, the Egyptian government imposed a partial lockdown from late March to late June.

The Central Bank of Egypt (CBE) issued a report in December saying that revenue of tourism, which is one of the main sources of income in Egypt, declined by 21.6 percent due to coronavirus and its travel restrictions all over the world.

PM Madbouly also stated that Egypt was one of the few countries that managed to achieve a positive economic growth rate unlike most countries around the world.

Prior to the outbreak of the coronavirus in Egypt in February, Egypt’s economic growth had recorded 5.6 percent in the first half of FY 2019/2020. However, growth began to decline in the third quarter of FY 2019/2020 to record five percent.

According to the planning ministr, growth registered 3.8 percent in the first quarter of FY 2020/2021 — July-September — and 3.5 percent in the second quarter of the fiscal year — October-December. 

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