In the context of President Abdel Fattah El-Sisi’s directives, the Egyptian state has taken many measures since the beginning of the Corona virus crisis to limit the damage to sectors of the country from the consequences of the Corona virus crisis, despite what is imposed by the continuous and accelerating changes.
We monitor the most prominent economic measures the country has taken for the affected sectors:
– Provide allocations for the comprehensive plan to deal with the crisis, improve the lives of citizens, and support employment.
Directing the President of the Republic to allocate 100 billion pounds to finance the comprehensive plan to deal with any possible repercussions of the Corona virus.
– The Central Bank of Egypt announced its initiative to allocate 50 billion pounds for real estate financing to middle-income through banks and real estate financing companies, for a period of twenty years.
– To suspend the Agricultural Clay Tax Law for a new period of two years.
Looking at the basic rates of return with the bank at 300 basis points (3%), so that the rates for the overnight deposit and lending rates become the price of the main operation at the level of 9,25%, 10,25% and 9,75%, respectively, and the price of credit and discount at the level 9, 75%, as an exceptional measure that contributes to supporting economic activity in all sectors.
– The initiative of the Central Bank for non-payment customers from natural individuals with the aim of removing them from their stumbling block to enable them to deal again with the banking system and raise their purchasing power and enhance local demand, according to which all current and exchange issues with the courts are waived as soon as the customer agrees with the bank to deal with the terms of payment .
– Measures to activate the Egyptian Stock Exchange, including allocating 20 billion pounds from the Central Bank to support the Egyptian Stock Exchange.
– Reducing the stamp tax for non-residents to 0.125% instead of 0.15%, and for residents to become 0.05% instead of 0.15%, with the immediate exemption of spot transactions on shares from stamp duty.
– Reducing the profit tax rate for companies listed on the stock exchange by 50% to 5% instead of 10%.
Providing the necessary credit limits to finance working capital to pay the salaries of employees in companies, study and follow up on sectors most affected by the spread of the virus and develop plans to support companies working in them.
Directing the President of the Republic to increase the medical profession allowance by 75%, in addition to establishing a risk fund for members of the medical professions.
Standardization and reduction of the price of natural gas for industry to $ 4.5 / million thermal units.
– Providing one billion pounds for exporters during March and April 2020 to pay part of the dues of the export subsidy program.
– The payment of real estate taxes to factories and tourist facilities was also postponed for another 3 months, and the inclusion of the tourism financing initiative launched by the Central Bank to include the continued operation of hotels and financing of their current expenses by an amount of 50 billion pounds, while reducing the cost of lending to that initiative to 8%.
– Paying salaries of workers in the tourism sector from the Emergency Fund at the Ministry of Manpower, and their number reaches more than 900,000 workers
– Disbursing the irregular employment grant for a period of 3 months, at a value of 500 pounds, for more than one and a half million workers
Enacting a law that allows postponing the payment of tax dues to companies, provided they do not lay off workers
Civil aviation granted 2 billion pounds in support loan to face the repercussions of Corona