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Egypt’s President Sisi Announces Economic Plan to Combat Coronavirus

March 22, 2020
Egypt’s President Sisi in his speech during the celebration of Egyptian Women’s day.

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 pensions be 14 percent of the next fiscal year 2021/2020, and to include the five allowances due to pensioners at 80 percent of the basic wage.

The plan finally includes reducing the interest rates by 3 percent while providing credit limits for capital financing, in particular for the payment of salaries for company employees.

Sisi asserted that citizens must adhere to the government’s decisions for citizens to stay at home for two more weeks so that the numbers do not exceed.

Days ago, the government issued public health and safety regulations which ban large gatherings and require restaurants, retail stores, cafes, cafeterias, night clubs, amusement parks, casinos and shopping centers to shut their doors from 7PM until 6AM everyday until March 31.

Egypt has also suspended domestic tourism and international flights, suspended education services and institutions, banned mass gatherings and cancelled other major events.

The president warned that in case of non-compliance, the number of those infected can rise to a thousand within a few days.

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