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Source: https://africa.cgtn.com/2020/07/11/e...19-impact-imf/
Egypt’s economy to decline due to COVID-19 impact: IMF
By Jerry Omondi -
7 hours ago
The International Monetary Fund expects a decline in Egypt’s economy due to the impact of the COVID-19 pandemic on the North African country.
Uma Ramakrishnan, the IMF’s mission chief for Egypt, said in an interview with the IMF Country Focus that the Arab nation had “experienced capital outflows of nearly $16 billion” during the peak of the global risk aversion in March and April.
“With the global economy in recession and domestic activity curtailed, growth is expected to significantly decline. Moreover, revenue is falling just as the government needs to urgently ramp up spending on health and social protection,” he said...
Egypt’s economy to decline due to COVID-19 impact: IMF
By Jerry Omondi -
7 hours ago
The International Monetary Fund expects a decline in Egypt’s economy due to the impact of the COVID-19 pandemic on the North African country.
Uma Ramakrishnan, the IMF’s mission chief for Egypt, said in an interview with the IMF Country Focus that the Arab nation had “experienced capital outflows of nearly $16 billion” during the peak of the global risk aversion in March and April.
“With the global economy in recession and domestic activity curtailed, growth is expected to significantly decline. Moreover, revenue is falling just as the government needs to urgently ramp up spending on health and social protection,” he said...