Egypt has lost an estimated US$310 million a day due to anti-government demonstrations that began on 25 January, according to newly-appointed Finance Minister Samir Radwan, meaning that total losses over the past 20 days had amounted to US$6.2 billion.
Radwan also expected Egypt's economic growth rate for the 2010/11 fiscal year to fall to 3.5 or 4 percent. It had earlier been projected to hit 5.8 percent.
He added that the actions taken by the government to alleviate the economic effects of the uprising on the Egyptian people would include the establishment of an LE5 billion fund to compensate those whose businesses had been affected by the demonstrations and those who had lost their jobs as a result of the uprising.
Radwan also said that government employees would receive a 15-percent salary increase as of April, and that the private sector would be exempted from delayed insurance and sales tax payments. Taxpayers, meanwhile, would be allowed to pay taxes in three installments, he said.
