Sisi’s decisions to curb coronavirus rescue collar to Egypt’s economy: Businessman Ayman Al-Gamil

CAIRO – 8 April 2020: “President Abdel-Fattah El-Sisi’s decisions to confront the economic repercussions of the emerging coronavirus crisis, is a rescue collar for the Egyptian economy, Businessman Ayman Al-Gamil affirmed Wednesday.

Gamil pointed out that these decisions came in light of the recession that the world is currently going through as transportation, aviation, and inter-country industries have been suspended.

The businessman described Sisi's decision as "professionalism" at its best in dealing with the repercussions of the crisis.

“The Egyptian economy will witness a strong start if the crisis ends globally backed by President Sisi’s decisions taken during the past few days,” he expected, saying that they will have a significant impact after the end of the current situation.

He noted that the decisions included providing a supporting loan to the civil aviation sector with a grace period of two years, in addition to the Ministry of Finance’s consideration to bear some financial burdens on the civil aviation sector to support it in dealing with the repercussions of the current circumstances.

“Tourism sector allocated the lion share of Sisi’s decisions,” Gamil noted, clarifying that the decisions related to this sector will contribute greatly to alleviating the negative effects of the crisis on it, the most prominent of which is the continuation of various projects related to tourism activity, in addition to dropping the real estate tax on hotel 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 3 months without fines.

The businessman also referred to the provision of financing from banks for tourism and hotel establishments, so that it is allocated to finance the operational process with a view to retaining employment, provided that it is at a reduced interest rate.

He also considered the president’s decision to pay 30 percent of the exporters ’dues to the Export Support Fund by no less than LE 5 million for each exporter, before the end of the current fiscal year, as a rescue collar for exporters who are currently facing great difficulty in light of the exceptional international measures imposed due to the coronavirus crisis.

“Directing a package of measures to support companies and establishments in the affected sectors reflects the concern and responsibility of the Egyptian state,” the businessman pointed.

He further noted that the decision to install tax returns on those companies and establishments in 3 installments that ends on June 30 of the current year, as well as postponing the payment and installment of the real estate tax on these companies and establishments for a period of 3 months, with no fines or delay interest, would work to help affected companies rise again and return to the labor market vigorously, and would also preserve the job opportunities that were created during the past years.