Egypt loses LE 123B of revenues due to COVID-19

CAIRO – 8 June 2020: Egypt lost LE 123 billion of revenues during the past three months due to coronavirus, according to Minister of Finance Mohamed Ma’it.

He added, during a press conference, that the capabilities could not bear for more periods than that of such a crisis, and the process of closure was an immediate and direct solution to deal with the crisis, but the global fear is all that this crisis will turn into negative consequences and effects on the lives of citizens, so the whole country has become dealing to strike a balance between reopening and preserving the health of citizens.

Ma’it pointed out that the taken measures that were taken were in the interest of the citizen, but there are hundreds of thousands of workers in sectors that were negatively affected, and that is why LE 500 were spent for irregular employment, and LE 3 billion were allocated from the Export Support Fund to give cash to companies, and taxes were eased by installments Or extend the future.

“There is a draft law for the House of Representatives to raise delay penalties and benefits, among others, all of which affected state revenues in one way or another,” He added.