Finance Minister Mohamed Maait said the coronavirus crisis resulted in the decline of Egypt's GDP by EGP 130 billion and the targeted growth rate from 6% to 4% during the current fiscal year.
In a statement, Maait pointed out that the total tax and non-tax revenues decreased by EGP 124 billion due to the economic repercussions of the coronavirus.
"About EGP 63 billion out of EGP 100 billion had been spent to support the health sector and the most damaged sectors since the beginning of the pandemic outbreak," Maait noted.
Earlier, Egyptian President Abdel Fattah El Sisi directed officials to allocate EGP 100 billion within the framework of a comprehensive strategy to fight the virus.
"A sum of EGP 11 billion had been allocated to support the state's health sector and meet its needs against the pandemic," the minister stated.
Moreover, a total of EGP 400 million had been allocated to fund the appointment of 7,000 teaching assistants at the faculties of medicine to work at the university hospitals nationwide.
The minister said that the industry sector was backed by EGP 16.6 billion besides EGP 3 billion had been allocated to support the Export Development Fund from April to June as well as EGP 5 billion for supporting the tourism and aviation sectors.
The General Authority For Supply Commodities of Egypt (GASC) received EGP 6 billion to import additional quantities of wheat, he added.
A sum of EGP 3 billion had been allocated for the irregular labor and EGP 450 million for the Education Ministry to hold the Thanaweya Amma exams along with taking the precautionary measures.
The Supply Ministry also received EGP 28.6 billion to secure Egypt's strategic commodities, including EGP 16 billion to buy the local wheat.
Moreover, an amount of money worth EGP 3.7 billion had been allocated to different authorities over the past three months.
Follow the latest news on Google News
