Egypt loses $8bln in state revenues due to COVID-19

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ArabFinance: Minister of Finance Mohamed Maait said state revenues shrank by EGP 130 billion over the past three months due to the coronavirus crises, Al Mal News reported.

Maait noted that the COVID-19 pandemic resulted in delaying the government’s plan to increase salaries as well as pensions and decrease income tax.

This announcement came during a parliamentary session to discuss the establishment of a fund that would mitigate any negative impact of pandemics and natural disasters in the country.

In a way to support the state during the COVID-19 crises, the House of Representatives gave an initial nod to deducting 1% and 0.5% from monthly salaries and pensions for one year.

The finance minister assured that not a single Egyptian pound will be transferred to the state treasury, yet the deducted amount will be directed to the crisis fund.

Until press time, the North African country registered a total of 76,222 coronavirus cases.

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