{"id":570692,"date":"2020-04-12T04:38:11","date_gmt":"2020-04-12T04:38:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/"},"modified":"2020-04-12T04:38:11","modified_gmt":"2020-04-12T04:38:11","slug":"egypt-could-earmark-more-funding-for-covid-19-fight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/","title":{"rendered":"Egypt could earmark more funding for covid-19 fight"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt\u2019s commitment to insulating the economy from the impact of covid-19 is <\/strong><strong>\u201copen-ended\u201d<\/strong> and could go above <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b9e998-dad6-4293-9c27-97d7c9a17e0b\">the EGP 100 bn<\/a> in stimulus and bailout funding the Sisi administration has already committed, Finance Minister Mohamed Maait said in an interview with Al Arabiya on Thursday (<a href=\"https:\/\/bit.ly\/3b1VvOB\">watch, runtime: 14:38<\/a>).<\/p>\n<p><strong>The administration has about EGP 70 bn in dry powder <\/strong>from the original round, having so far deployed about EGP 30 bn in funding \u2014 including some EGP 5 bn to the Health Ministry, EGP 3 bn to the Export Subsidy Fund, EGP 3 bn to seasonal workers, and expedited payments to state contractors and suppliers, Maait said. <strong>That figure suggests the state has more room to maneuver<\/strong> \u2014 and that it has even more freedom to act after last month\u2019s surprise 300 bps interest rate cut.<\/p>\n<p><strong>Maait specifically noted tourism and aviation <\/strong>as industries likely to be allocated more funding as part of the bailout program.<\/p>\n<p><strong>The minister is effectively writing off the final quarter<\/strong> of the current fiscal year (2019-2020) from a revenue perspective, saying he expects state revenues could fall 25% or more in FY2019-2020. He cautioned that the ultimate impact on macro indicators will be entirely dependent on how long the covid-19 crisis lasts \u2014 and how severe it is.<\/p>\n<p><strong>Foreign holdings of Egyptian sovereign debt are down about 40% by our math<\/strong> as Maait noted the figure now stands at USD 13.5-14 bn, down from USD 24 bn last month. The outflows come as investors pulled a <a href=\"https:\/\/www.wsj.com\/articles\/emerging-markets-need-a-better-safety-net-it-already-exists-11586441942\">record USD 83 bn<\/a> from emerging markets in March in a global risk-off.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s commitment to insulating the economy from the impact of covid-19 is \u201copen-ended\u201d and could go above the EGP 100 bn in stimulus and bailout funding the Sisi administration has already committed, Finance Minister Mohamed Maait said in an interview with Al Arabiya on Thursday (watch, runtime: 14:38). The administration has about EGP 70 bn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":570693,"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":[8572],"tags":[107,7106,72,277,100,3330,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-debt","tag-enterpriseam","tag-mohamed-maait","tag-policy","tag-portfolio-investment","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0524268a-9b1e-4b7a-9c89-b2f9f8e3d82e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/97.jpg","photo_position":"above","related_issue":[570687],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt could earmark more funding for covid-19 fight - 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\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt could earmark more funding for covid-19 fight\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s commitment to insulating the economy from the impact of covid-19 is \u201copen-ended\u201d and could go above the EGP 100 bn in stimulus and bailout funding the Sisi administration has already committed, Finance Minister Mohamed Maait said in an interview with Al Arabiya on Thursday (watch, runtime: 14:38). The administration has about EGP 70 bn [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-12T04:38:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/97.jpg?fit=%2C&ssl=1\" \/>\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\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt could earmark more funding for covid-19 fight\",\"datePublished\":\"2020-04-12T04:38:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\"},\"wordCount\":259,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/97.jpg?fit=%2C&ssl=1\",\"keywords\":[\"covid-19\",\"debt\",\"EnterpriseAM\",\"Mohamed Maait\",\"policy\",\"portfolio investment\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/\",\"name\":\"Egypt could earmark more funding for covid-19 fight - 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Some EGP 5.1 bn has\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575371,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/","url_meta":{"origin":570692,"position":1},"title":"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"State revenues took a EGP 220 bn hit in FY2019-2020 due to the pandemic, Finance Minister Mohamed Maait told Hapi Journal at the Regional Forum for Medical Insurance and Healthcare yesterday. The virus outbreak has placed government finances under pressure as the three-month lockdown in the second quarter hit tax\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/maait-signals-austerity-measures-if-covid-19-crisis-persists\/","url_meta":{"origin":570692,"position":2},"title":"Maait signals austerity measures if covid-19 crisis persists","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"BUDGET WATCH- Austerity measures in the cards if crisis continues into FY2020-2021 -Maait: The government could cut back on spending in its FY2020-2021 budget if the covid-19 outbreak persists after July, Finance Minister Mohamed Maait said in a meeting with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/98.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576243,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/egypt-ready-to-dole-out-more-stimulus-if-covid-19-second-wave-hits\/","url_meta":{"origin":570692,"position":3},"title":"Egypt ready to dole out more stimulus if covid-19 second wave hits","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"The government is prepared to dole out further stimulus should a second wave of covid-19 take hold in Egypt, Finance Minister Mohamed Maait told Al Arabiya yesterday. The possibility of a second stimulus package, which would follow the EGP 100 bn allocated at start of the pandemic, has already been\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/egypts-primary-surplus-at-egp-5-2-bn-in-4m2020-2021-maait\/","url_meta":{"origin":570692,"position":4},"title":"Egypt\u2019s primary surplus at EGP 5.2 bn in 4M2020-2021: Maait","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Egypt recorded a primary surplus of EGP 5.2 bn in 4M2020-2021, down from EGP 14.7 bn, Finance Minister Mohamed Maait said yesterday, according to a Cabinet statement. This is a touch lower than the EGP 5.5 bn surplus Maait cited in an interview with Al Arabiya last month. Maait had\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561981,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/28\/on-the-dole\/","url_meta":{"origin":570692,"position":5},"title":"On the dole","author":"enterpriseam admin","date":"28 April 2021","format":false,"excerpt":"Spending to tackle the fallout from covid-19 has exceeded the EGP 100 bn earmarked for a government stimulus package announced at the onset of the pandemic, Finance Minister Mohamed Maait told Al Arabiya.Where did we spend it? The bill has so far included: EGP 22 bn for healthcareEGP 10 bn\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570692"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570692\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570693"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570692"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570692"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}