Egypt’s President Abdel Fattah El Sisi announced a number of economic measures to face the coronavirus crisis in a live speech on Sunday, on the occasion of celebrating of Egyptian Women’s day. The president first announced a governmental plan to identify the sectors most affected by the spread of the coronavirus and to provide the necessary support. He also announced postponing the credit entitlements of small, medium and micro enterprises for a period of six months, and that payment of real-estate tax due on factories and tourist facilities will be postponed for a period of three months. Fifty billion pounds will be allocated to real estate financing through banks and a further fifty billion pounds will be directed towards the tourism sector to ensure the continual operation of hotels. The president added the reduction of the price of natural gas by 4.5 dollars per million thermal units and reducing electricity prices by 10 piasters. Twenty billion pounds from the central bank will be directed to support the Egyptian Stock Exchange, and the suspension of agricultural land tax for two more years. The procedures included that the annual periodic allowance for…
Egypt’s President Sisi Announces Economic Plan to Combat Coronavirus
March 22, 2020
