Egypt’s cabinet held its first virtual meeting today while adhering to social distancing measures amid the coronavirus pandemic. The cabinet discussed and agreed on the new sustainable development plan for 2020/2021, which was prepared in light of the negative repercussions of the coronavirus crisis on the global economy. New growth targets were set, with expectations of a 4.5% growth rate in the next fiscal year for 2020-2021, though it is estimated to go down to 3.5% if the coronavirus crisis continues until mid-year. Inflation is likely to increase to 9.8% if the coronavirus crisis lasts until December 2020 as a result of the increasing demand on certain products, mainly medical supplies and detergents. Private investments will most likely decrease, which will in turn affect the total volume of investments continuing until the middle of the next fiscal year 2020/2021. Total investment is expected to decrease from 960 billion pounds to 740 billion pounds (a decrease of 220 billion pounds -23%). Minister of Planning Hala El Saeed pointed out that the conditions of the current crisis impose a number of challenges but also offer a great deal of opportunities in the…
Egypt’s Cabinet Holds First Virtual Meeting Amid Coronavirus Pandemic
March 26, 2020
