Egypt expends LE 61B of LE100B package allocated to confront COVID-19

CAIRO – 30 June 2020: Egypt spent LE 61 billion out of LE 100 billion allocated to counter the negative repercussions of the coronavirus pandemic, according to Minister of Finance Mohamed Ma’it.

President Abdel Fatah El-Sisi allocated in March LE 100 billion ($6.39 billion) to fund a comprehensive coronavirus strategy, LE 50 billion ($3.2 billion) to fund real estate development for middle-class people through banks, and LE 20 billion ($1.28 billion) from the Central Bank to fund the Egyptian Bourse (EGX).

Ma’it referred in a TV interview that some countries were unable to confront the pandemic.

He added that the economic reform program Egypt applied contributed to increase revenues more than the expenses.

“Egypt managed within two years to achieve an initial surplus in revenues, and this enabled the state to allocate LE 100 billion to confront the coronavirus pandemic,” the minister stated, explaining that the Egyptian situation is stable, pointing out to the presence of goods in the markets and their well provision reduces prices.

"We responded and interacted with the health and commodity needs to overcome the crisis, as we were keen to prevent layoffs in that period and the necessary funds were pumped to the needs of the Ministry of Health, although the state's hard currency sources stopped due to the crisis." He continued, adding that before the crisis, Egypt had a promising growth rate, and there was a decrease in the total deficit, unemployment, inflation, high investment.

In May, Ma’it announced that Egypt expended LE 40 billion out of the coronavirus package. It included the provision of about LE 5.1 billion in additional allocations for the Ministry of Health, and LE 5 billion for the Ministry of Supply to provide additional needs of food supplies and wheat.

He added that it also included allocating LE 10 billion to pay the dues of contractors and suppliers to help them pay their obligations and workers ’salaries.

The Finance Minister also referred to the allocation of about LE 10 billion to sectors affected by the coronavirus, most notably tourism and aviation.

Egypt spends LE 40B of LE100B package allocated to confront COVID-19

CAIRO - 7 May 2020: Egypt spent LE 40 billion out of LE 100 billion allocated to counter the negative repercussions of coronavirus pandemic, according to Minister of Finance Mohamed Ma'it.