Finance Minister Mohamed Maait
Finance Minister Mohamed Maait

Egypt Considering Second COVID-19 Stimulus Package: Finance Minister


Egypt is considering launching a second stimulus package to tackle the economic impacts of a second wave of COVID-19, Finance Minister Mohamed Maait told Al Arabiya.

He said that Egypt has spent about EGP 65 billion ($4.2 billion) of the emergency stimulus package launched earlier this year to mitigate the economic impacts of the pandemic.

Egypt is financially ready to deal with the pandemic's second wave if it comes, but is hoping for an effective vaccine to end the crisis as soon as possible, Maait said.

He noted that Egypt is not the only economy which has been affected, and in fact all global economies had faced huge challenges during the pandemic.

Egypt's economic situation is better than others as "we have benefited from the economic reform plans which enable us to deal with the negative consequences of the coronavirus," he argued.

The minister also said he expects the global economy to improve slightly by early 2021.

"We are still securing all the Egyptian state's needs and I think our financial, monetary and economic situation in general is performing well," Maait said.

President Abdel Fattah El-Sisi announced in March a EGP 100 billion ($6.4 billion) stimulus package as the global economy began to feel the impact of worldwide lockdowns and business shutdowns.

The money was spent on measures to support sectors worst-hit by the lockdowns such as tourism and exports.