Book Chapter - VoxEU

How did Egypt soften the impact of Covid-19?

| Feb. 23, 2021

Abstract

The Covid-19 pandemic has drastically disrupted people’s lives, livelihoods, and economic conditions around the world. The global shock has resulted in a tourism standstill (Djankov 2020), significant capital flight (Djankov and Panizza 2020), and a slowdown in remittances (Nonvide 2020), resulting in an urgent balance-of-payments need. Egypt responded to the crisis with a comprehensive package aimed at tackling the health emergency and supporting economic activity. The Ministry of Finance acted swiftly to allocate resources to the health sector, provide targeted support to the most severely impacted sectors, and expand social safety net programmes to protect the most vulnerable. Similarly, the Central Bank of Egypt adopted a broad set of measures, including lowering the policy rate and postponing repayments of existing credit facilities. The next section highlights the experience of firms in Egypt following these policies.

About This Book Chapter

Shaping Africa's Post-Covid Recovery cover

How did Egypt soften the impact of Covid-19?
For more information on this publication: Belfer Communications Office
For Academic Citation: Haidar, Jamal. “How did Egypt soften the impact of Covid-19?.” 2021.

The Author