The global pandemic would have been more difficult for Egypt if not for comprehensive reforms on taxes, budgets and foreign exchange that the country undertook, said Rania al-Mashat, minister for international cooperation.
A man wearing a face mask rides a motorcycle in Cairo, Egypt, on May 3, 2020."We expect the fiscal deficit in FY 2019/20 to widen from 8.0% of GDP in FY2018/19 to 8.5% in FY2019/20 because of lower growth in tax revenues and scaled-up spending," he wrote in a report dated May 3.remittance inflows and Suez Canal receipts will also widen the country's current account deficit, he predicted.
Egypt has approached the IMF for financial support as the virus puts pressure on its economy, especially tourism, which accounts for more than 10% of GDP. While the government announced on Sunday that hotels can begin to operate at 25% capacity, Emirates NBD analysts wrote that The country's Purchasing Managers' Index also made a "dramatic fall" to 29.7, well below the neutral 50 level, wrote Khatija Haque, the bank's head of MENA research.
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