{"id":559652,"date":"2021-01-31T04:08:09","date_gmt":"2021-01-31T04:08:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/"},"modified":"2021-01-31T04:08:09","modified_gmt":"2021-01-31T04:08:09","slug":"tourism-losses-piling-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/","title":{"rendered":"Tourism losses piling up"},"content":{"rendered":"

<\/a> E<\/strong>gypt has foregone USD 14 bn in foreign currency revenue thanks to the pandemic wreaking havoc on tourism<\/strong>, Finance Minister Mohamed Maait said in an interview with MP Moustafa Bakry on Sada El Balad (watch, runtime: 3:18<\/a>). Related sectors \u2014 including hospitality, aviation, and global trade \u2014 were also hard-hit, which meant lower FX receipts and a large number of businesses in financial distress and paying less taxes, Maait said. Egypt suffered a EGP 220 bn shortfall<\/a> in tax revenue in FY2019-2020 in the wake of the pandemic.<\/p>\n

Background: <\/strong>Only 3.6 mn tourists visited Egypt<\/a> last year, down almost 75% from 13 mn in 2019<\/a>. Average monthly receipts declined 85-92%<\/a> to just USD 80-150 mn, down from USD 1 bn in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has foregone USD 14 bn in foreign currency revenue thanks to the pandemic wreaking havoc on tourism, Finance Minister Mohamed Maait said in an interview with MP Moustafa Bakry on Sada El Balad (watch, runtime: 3:18). Related sectors \u2014 including hospitality, aviation, and global trade \u2014 were also hard-hit, which meant lower FX receipts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[107,72,2234,277,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559652","post","type-post","status-publish","format-standard","hentry","category-tourism","tag-covid-19","tag-enterpriseam","tag-foreign-exchange","tag-mohamed-maait","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"468e39bc-52f8-4e9f-9f2a-77e1835979a6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559637],"teaser":"","voice_url":""},"yoast_head":"\nTourism losses piling up - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tourism losses piling up\" \/>\n<meta property=\"og:description\" content=\"Egypt has foregone USD 14 bn in foreign currency revenue thanks to the pandemic wreaking havoc on tourism, Finance Minister Mohamed Maait said in an interview with MP Moustafa Bakry on Sada El Balad (watch, runtime: 3:18). Related sectors \u2014 including hospitality, aviation, and global trade \u2014 were also hard-hit, which meant lower FX receipts […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-31T04:08:09+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Tourism losses piling up\",\"datePublished\":\"2021-01-31T04:08:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\"},\"wordCount\":117,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"covid-19\",\"EnterpriseAM\",\"foreign exchange\",\"Mohamed Maait\",\"tourism\"],\"articleSection\":[\"Tourism\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\",\"name\":\"Tourism losses piling up - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2021-01-31T04:08:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tourism losses piling up\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tourism losses piling up - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/tourism-losses-piling-up\/","og_locale":"en_US","og_type":"article","og_title":"Tourism losses piling up","og_description":"Egypt has foregone USD 14 bn in foreign currency revenue thanks to the pandemic wreaking havoc on tourism, Finance Minister Mohamed Maait said in an interview with MP Moustafa Bakry on Sada El Balad (watch, runtime: 3:18). 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El Saeed added that a manager for the wealth fund will be chosen\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571356,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/egypt-has-deployed-just-egp-40-bn-of-funding-from-the-egp-100-bn-stimulus-and-bailout-funding-maait-says\/","url_meta":{"origin":559652,"position":2},"title":"Egypt has deployed just EGP 40 bn of funding from the EGP 100 bn stimulus and bailout funding, Maait says","author":"enterpriseam admin","date":"10 May 2020","format":false,"excerpt":"The government has deployed just EGP 40 bn of the EGP 100 bn earmarked by the government to protect the economy against the covid-19 pandemic, Finance Minister Mohamed Maait said on Thursday, suggesting it has resources left to help cushion the blow to the economy. 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