“No one knows when this crisis will end so we wanted to take some measures that would build on the economy’s gains, especially after the complete shutdown of the aviation and tourism sectors.”
Egypt is seeking an aid package from the International Monetary Fund to offset the economic impact of the coronavirus pandemic, Prime Minister Mostafa Madbouli said Sunday.
“No one knows when this crisis will end so we wanted to take some measures that would build on the economy’s gains, especially after the complete shutdown of the aviation and tourism sectors,” Madbouli said.But the impact of coronavirus has been severe. Foreign reserves dropped from $45.5 billion in February to $40.1 billion at the end of March, central bank governor Tarek Amer said.
The country loosened its lockdown restrictions with the beginning of the holy month of Ramadan, allowing shops and malls to trade on weekends and reducing curfew hours by an hour to 9pm until 6am. Since the 2011 revolt that toppled former president Hosni Mubarak, the economy of the Arab world’s most populous country has sustained multiple shocks caused by political instability and security issues.
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