$20bn left Egypt 6 weeks after covid outbreak, says official

Egyptian Finance Minister Mohamed Maait, 18 October 2019 [Center for Global Development/Twitter]

A total of $20 billion was transferred out of Egypt within four to six weeks after the outbreak of the coronavirus, the Egyptian Minister of Finance, Mohamed Maait, announced yesterday.

“Most of the funds were in the form of treasury bills and bonds, as well as money belonging to foreign investors,” Maait told reporters at the Canada Egypt Business Council.

He added that the ministry has lost about 200 billion Egyptian pounds ($12.7 billion) in revenues.

Egypt has issued a large number of treasury bills over the past few years to attract foreign investments and support a struggling economy.

READ: Egypt’s covid crisis has reached a dangerous level, health ministry sources say

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