Egypt’s Ministry of Finance announced that public investments will increase by EGP 10 billion to create more job opportunities. 

Minister of Finance Mohamed Maait said in a statement on Thursday that the move is in line with President Abdel-Fattah El-Sisi's directives which target paying the dues of contractors and suppliers and upgrading the quality of services introduced to the public.

He added that an additional EGP 2 billion will be provided over the next two months to pay the arrears of exporters, who will receive them without the need to submit their tax position statement amid the COVID-19 outbreak.

Additionally, taxpayers can get their financial dues without submitting tax position statements to Egypt’s Tax Authority due to the coronavirus crisis, said Maait.

The minister added that Egypt’s economic reform programme helped mitigate the impact of the coronavirus. Therefore, the government is keen on supporting the economy's various sectors to keep the production cycle running with a commitment to preventive and precautionary measures.

He stated that the government is eager to make available strategic and food commodities for the people and support service sectors that are harmed due to the COVID-19 outbreak.

The finance ministry has provided the required allocations for the General Authority for Supply Commodities to import 1.6 million tons of wheat and EGP 15 billion to purchase 3.5 million tons of local wheat, according to Maait.

He added that EGP 1 billion are allocated on a weekly basis for ration card and bread subsidies, EGP 40 million for the Public Transport Authority, EGP 115 million for spinning enterprises, and EGP 50 million for the Egyptian Iron and Steel Company to disburse its workers’ salaries.