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Thursday, 09 April 2020

Egypt’s Sisi discusses measures to cope with coronavirus’ impact on the economy

The president directed the government to support the neediest in the country and those with irregular employment

Mohamed Soliman , Saturday 21 Mar 2020
Sisi, Madbouly
Egypt's President Abdel-Fattah El-Sisi discussed with Prime Minister Mostafa Madbouly on Saturday (Photo: Egy.Press.Spokesman Official Page on Facebook)
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Egypt's President Abdel-Fattah El-Sisi discussed with Prime Minister Mostafa Madbouly on Saturday the measures taken by the government to cope with the repercussions of the coronavirus pandemic, especially the financial needs of different state bodies to deal with the ongoing developments.

The president directed the government to support the neediest in the country and those with irregular employment, presidency spokesman Bassam Rady said in a statement.

The meeting was attended by Finance Minister Mohamed Maait, Solidarity Minister Niveen El-Qabbaj, and the president’s financial affairs advisor Mohamed Amin.

Last week, President El-Sisi instructed the government to allocate EGP 100 billion to finance a “comprehensive plan” to stop the spread of the virus.

In another meeting with governor of the Central Bank of Egypt (CBE) Tarek Amer, the president instructed the CBE governor to take all necessary measures to maintain economic and monetary stability, and to supply the necessary resources to support the social protection system, taking into consideration the neediest groups.

The meeting dealt with the overall performance of the Egyptian economy and the bank's monetary policy in light of the recent international developments concerning the novel coronavirus.

According to the presidency spokesman, the CBE governor reviewed the decisions and initiatives taken by the bank to contain the impacts of the fast-spreading virus and to stimulate the economy, including financing small-sized projects and supporting a number of sectors such as industry and services.

Amer also reviewed the developments and indicators of the financial position of the CBE.

Earlier, the CBE announced a number of procedures to support the national economy in the current phase, including raising daily transaction limits on credit cards as well as cancelling fees and commissions applied at points of sale and on withdrawals from ATMs for six months.

It also instructed banks to postpone credit dues for individual debts, including real estate loans and loans for consumer purposes for six months with no fines or deposits in case of late payment.

Egypt reported and 29 new coronavirus cases one new death on Friday, bringing the total to 285 cases nationwide, according to a statement by the health ministry.

The virus has hit dozens of countries around the world, killing over 12,800 people and infecting more than 300,000.

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