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CBE to support EGX with EGP 20 billion: Sisi

Ahram Online , Sunday 22 Mar 2020
Egypt
Egypt's President Abdel Fatah al-Sisi (AFP)
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Egypt's central bank will allocate EGP 20 billion ($1.28 billion) to support the stock exchange during the economic slowdown caused by the coronavirus pendamic, President Abdel Fattah El-Sisi said in his first speech since the outbreak.

 El-Sisi has urged Egyptians to strictly comply with a series of sweeping measures the country has taken to contain the spread of the coronavirus.

"Let's hold on for at least two weeks," the president said in comments broadcast live on TV on Sunday. "[we need] more commitment, responsibility, seriousness and discipline."

"Help us pass at least two weeks without having a big increase in the number of infections."

"It’s a fast-spearing virus…numbers can turn to thousands in a few days," El-Sisi said.

Egypt has taken drastic steps to try and slow down the spread of the virus, including halting international flights, shuttering mosques and churches, closing schools and universities and shutting malls and restaurants every night.

Responding to panic buying during the outbreak, the president affirmed the country has sufficient reserves, while urging people "not to put financial pressure" on themselves by stocking up to prepare for lengthy home quarantines.

"We don’t have any problems with commodities," he said. "Reserves of key food commodities are enough for at least three months."

He had earlier announced a 100 billion Egyptian pound ($6.39 billion) fund to finance a “comprehensive” government plan for tackling the outbreak.

 

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