Most Important Financial, Economic Decisions Announced by Sisi

In a intimate meeting with a number of Egyptian mothers, President Abdel Fattah El Sisi delivered an important speech, announcing a dozen of economic and financial decisions to confront the novel coronavirus pandemic, COVID-19.

The speech included about fifteen decisions as follow:

Allocation of EGP 100 billion to confront COVID-19

Reducing price of natural gas for industry by $4.5

Reducing electricity prices for industry by 10 piasters

Launching “Troubled Clients” initiative for those affected at tourism sector

Providing EGP one billion for exporters in March and April 2020 to pay some of their dues

Lifting administrative reservations on all financiers who have due taxes for only 10% of tax

Reducing interest rates in CBE by 3%, Deferring credit dues for SMEs for a period of 6 months

No additional fines on late payment

Examine sectors most affected by the spread of COVID-10 to provide necessary support

Allocation of EGP 50 billion to real estate sector

Adopting a tourism financing initiative to include the continued operation of hotels and financing their current expenditures by EGP 50 billion

Allocation of EGP 20 billion from CBE to support Stock Market

Suspending agricultural clay tax law for 2 years

Increase annual periodic bonus of pensions to be 14% as of next fiscal year

Pensions’ 5 bonuses of basic wages.

Sisi held a meeting with a number of Egyptian women at Ettahadiya Presidential Palace, eastern Cairo, on the occasion of celebrating the Egyptian Mother’s Day on Sunday.

The Egyptian president touched on various issues that Egyptian nationals have been keen on recently, most notably the novel coronavirus pandemic.

"Oh Egyptians, help us. We must stick to more commitment and discipline for more two weeks so that the spread of the coronavirus will be curbed. We are 100 million populations and therefore we have to take more care of ourselves," he said. "I tell Egyptians: Don’t stockpile goods, and we have no problem with food."