Egypt lowers its deficit despite Coronavirus

Finance Minister Mohamed Maait stated that Egypt managed to lower its deficit this financial year by 7.8% of the country’s GDP due to the measures taken by the state to protect the economy. The GDP is expected to drop down by a little over EGP 200 billion.

Egypt has managed to reach a positive growth rate in 2020 standing at 3.8% of the GDP and making it one of the few countries in the world to do that.

Egypt kept the ratings and estimates of international bodies despite the effect of the pandemic, achieving a surplus of 1.8% of the GDP down from a target of 2%. The country’s annual revenues grew by 2.3% of the GDP compared to last year.