Sisi Issues New Economic Decisions to Overcome COVID-19

President Abdel Fattah El Sisi was convened on Monday with the prime minister, the Governor of the Central Bank, the Ministers of Tourism and Antiquities, Planning and Economic Development, International Cooperation, Finance, Public Business Sector, Civil Aviation, Trade and Industry, as well as the Adviser to the President of the Republic for Financial Affairs, and Deputy Minister of Finance for Financial Policies, and Deputy Governor of the Central Bank.

The Presidency Spokesman Ambassador Bassam Rady stated that the meeting dealt with a review of the repercussions of the ongoing crisis of the novel coronavirus in economic terms, and governmental measures in this regard to deal with it and mitigate its effects on citizens and affected sectors.

“With regard to the tourism sector, Mr. President directed for continuously to work on various projects related to tourism activity, in addition to dropping the real estate tax on hotels and tourist establishments for a period of 6 months, as well as postponing the payment of all dues on tourist and hotel establishments for a period of three months without fines or delay benefits,” said Rady.

He noted that President Sisi directed the Central Bank to study the provision of bank financing for tourist and hotel establishments, so that it is allocated to finance the operational process with a view to retaining employment, with a reduced interest.

The president also directed officials, in the same context, to raise the efficiency of the infrastructure of tourist facilities, so that they are fully prepared to receive visitors from Egyptians and foreigners as soon as the corona crisis recedes.

With regard to the civil aviation sector, Sisi called for providing a support loan for the sector with a grace period of two years, in addition to studying the financial burden of the Ministry of Finance on the civil aviation sector to support it in dealing with the repercussions of the current circumstances, according to the Presidential spokesman.

“Moreover, President Sisi directed concerned ministry to pay 30% of the exporters ’dues with the Export Support Fund, at least 5 million pounds for each source, before the end of the current fiscal year,” Rady manifested.

The president also directed officials to allocate a grant for irregular employment affected by the repercussions of the corona crisis of 500 pounds per month for a period of 3 months, in addition to the emergency fund in the Ministry of Manpower immediately starting to take the necessary measures to ensure the disbursement of the salaries of affected regular workers.

Also, Sisi called for speedy construction of 250,000 social housing units, as well as the completion of the construction of 100,000 alternative housing units for residents of unsafe areas.

Ambassador Rady noted that President Sisi decided to support companies and establishments in the affected sectors, as well as postponing the payment and installment of the real estate tax on those companies and establishments for a period of three months, without being subjected to fines or interest in delay on deferred or paid amounts during that period.

The spokesman added that the Minister of Tourism and Antiquities reviewed during the meeting the implications of the corona crisis on the tourism sector, its economic impact and the workers in the sector, and also presented the Ministry's various efforts to sterilize and raise the efficiency of the infrastructure of tourism facilities.