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COVID-19 caused a slowdown in various economic activities including tourism, manufacturing, and whole and retail trade, the Ministry of Planning and Economic Development's report highlighted.
Egypt's economic growth rate was one of the highest in the world during the three-month period thanks to the diversity of the economy’s structure, the ministry highlighted.
The implemented public investments rose 23% to reach EGP 113 billion during the period from July 2019 to March 2020.
The report attributed the rise investments to the national megaprojects that the state implemented with a total cost of EGP 4 trillion.
Egypt reached on June 5th a staff-level agreement with the International Monetary Fund (IMF) on a one-year, $5.2 billion (EGP 84.40 billion) stand-by arrangement.
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