Egypt posts EGP 100 billion loss in one month as coronavirus causes pain – minister

Egypt is being hit hard by the coronavirus pandemic, posting a loss of more than 100 billion Egyptian pounds ($6.3 billion) in one month, Finance Minister Mohamed Maait said on Monday.

Maait explained that the losses came as the outbreak of the coronavirus hits government revenue collection from key sectors such as tourism – a crucial source of hard currency – which is crumbling under the strain of the coronavirus lockdown measures.

In a telephone interview with a local TV show, Maait referred to another reason behind the mammoth losses as the government increased its budget allocations in favour of infrastructure projects and services provided to citizens.