Egypt succeeds in raising $7.3 bln in 2020 despite coronavirus: Minister

Egypt has succeeded in raising 7.3 billion dollars of funds from international finance institutions, despite the outbreak of the coronavirus pandemic, according to Minister of International Cooperation Rania Al-Mashat.

Speaking in a round table videoconference, organised by the IMF and the Policy Center for the New South, Al-Mashat said these finances were pumped in several sectors and fields, pointing out that the private sector had a good share of them.

The minister cited IMF’s Regional Economic Outlook report, which hailed the Egyptian reforms, implemented in 2016-2019, as a national project, which preceded the spread of the coronavirus pandemic, and alleviated the economic shocks emerged from such crisis.

Egypt started 2020 with good foreign currency reserves, and a surplus, which in turn cushioned the direct economic impacts, resulted from the global outbreak of the pandemic, Al-Mashat added.

Source: Amwal Al Ghad