CAIRO - 25 March 2020: Egypt's Prime Minister Mostafa Madbouli on Tuesday instructed officials to draw up an action plan to deal with the economic fallout from the novel coronavirus (COVID-19) pandemic.
Madbouli gave the instructions during a meeting to follow up the government scenarios for the 2020/2021 sustainable development plan in light of the adverse impact of the pandemic on global economy as well as its predictable ramifications on the national economy, according to the state news agency, MENA.
Planning and Economic Development Minister Hala El Saeed and Finance Minister Mohamed Maait attended the meeting along with Deputy Finance Minister for Financial Policies Ahmed Kouchouk and Deputy Planning Minister Ahmed Kamali.
Saeed noted that the virus-driven hit to economy is likely be felt up to June 2020, which will affect growth rates during the third and fourth quarters of the current fiscal year.
She also touched upon the industries expected to be hit the worst by the virus outbreak.
“The government targets a lower employment rate of 8.5 percent by the end 2020/2021 if the coronavirus crisis subsides by the end of the current fiscal year.” However, if the crisis persists, employment rates will be negatively affected, the minister said.
The government also seeks to increase health and higher education investments by 69 and 104 percent, respectively, during the FY 2020/2021, she pointed out.
Moreover, Saeed gave an outline of expected growth targets for several industries during the next fiscal year.