On 27 June, more than three months after they were imposed, Egypt began lifting many of the restrictions put in place to curb the spread of coronavirus. Egypt has lost LE125 billion in revenue during the last three months as a result of the closure Finance Minister Mohamed Maait said during an interview with state-owned Channel 1 on Monday.
It is essential we develop ways to coexist with the virus given no economy can bear the continued costs of closure, Maait said.
Countries around the world are reopening their economies after having implemented unprecedented measures to suppress transmission and slow down the spread of the virus.
“A coexistence scenario is necessary to enable citizens to earn a living. Without it the state will not have any revenues and an economic depression will occur. It is essential Egypt return to work, production, and growth again,” said Maait.
Egypt’s 2019-2020 GDP growth rate is likely to come in at four per cent, down from a pre-pandemic estimate of 5.6 per cent, Maait said.
Driven by economic concerns, the cabinet began on Saturday to life restrictions in place since March. Cafes, cinemas, restaurants and gyms have all been allowed to reopen provided they adhere to a 25 per cent occupancy limit.