{"id":571356,"date":"2020-05-10T04:05:30","date_gmt":"2020-05-10T04:05:30","guid":{"rendered":"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\/"},"modified":"2020-05-10T04:05:30","modified_gmt":"2020-05-10T04:05:30","slug":"egypt-has-deployed-just-egp-40-bn-of-funding-from-the-egp-100-bn-stimulus-and-bailout-funding-maait-says","status":"publish","type":"post","link":"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\/","title":{"rendered":"Egypt has deployed just EGP 40 bn of funding from the EGP 100 bn stimulus and bailout funding, Maait says"},"content":{"rendered":"

<\/a> The government has deployed just EGP 40 bn of the EGP 100 bn <\/strong>earmarked by the government to protect the economy against the covid-19 pandemic<\/strong>, Finance Minister Mohamed Maait said on Thursday<\/a>, suggesting it has resources left to help cushion the blow to the economy. Some EGP 5.1 bn has been allocated to the Health Ministry, EGP 5 bn to the Supply Ministry to pay for strategic commodities, EGP 10 bn to the Export Subsidy Fund, and another EGP 10 bn that is being doled out soon to support tourism, aviation, and other vulnerable sectors.<\/p>\n

Maait\u2019s EGP 100 bn figure does not include funds earmarked by the Central Bank of <\/strong>Egypt<\/strong> to support the stock exchange through direct investment in equities.<\/p>\n

Lower revenues, wider deficit:<\/strong> The crisis has weighed on state revenues during the second half of FY2019-2020, with tax revenues derived from tourism falling off a cliff due to the suspension of air travel. This has caused a EGP 75 bn shortfall in revenues since the beginning of the outbreak, EGP 65 bn of which came through lower-than-expected tax receipts, Maait said.<\/p>\n

Background:<\/strong> Maait said last month<\/a> that the government is effectively writing off the final quarter of the current fiscal year from a revenue perspective, but said that Egypt\u2019s commitment to insulating the economy from the impact of covid-19 is nonetheless \u201copen-ended.\u201d The minister has previously signaled that the government could allocate more funding beyond the existing EGP 100 bn package.<\/strong> The stimulus also includes a tax relief package<\/a> for businesses that allows companies in several sectors \u2014 including aviation, tourism, journalism and media, sports, and manufacturers \u2014 to pay income tax in three installments ending 30 June.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. Some EGP 5.1 bn has been allocated to the Health […]<\/p>\n","protected":false},"author":1,"featured_media":571357,"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":[96,4865,864,107,72,276,7313,277,2380,5087,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abdel-fattah-el-sisi","tag-bailout","tag-budget-deficit","tag-covid-19","tag-enterpriseam","tag-finance-ministry","tag-income-tax","tag-mohamed-maait","tag-speed-round","tag-state-revenues","tag-tax","wpautop","entry"],"acf":{"mongo_id":"0ba42bd4-d549-431b-a40b-39e8aa227619","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/87.jpg","photo_position":"above","related_issue":[571351],"teaser":"","voice_url":""},"yoast_head":"\nEgypt has deployed just EGP 40 bn of funding from the EGP 100 bn stimulus and bailout funding, Maait says - 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\/05\/10\/egypt-has-deployed-just-egp-40-bn-of-funding-from-the-egp-100-bn-stimulus-and-bailout-funding-maait-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt has deployed just EGP 40 bn of funding from the EGP 100 bn stimulus and bailout funding, Maait says\" \/>\n<meta property=\"og:description\" content=\"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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The bill has so far included: EGP 22 bn for healthcareEGP 10 bn\u2026","rel":"","context":"In "Economy"","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":[]},{"id":572035,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/govt-spent-egp-63-bn-of-covid-19-stimulus-program-as-finmin-provides-breakdown\/","url_meta":{"origin":571356,"position":1},"title":"Gov\u2019t spent EGP 63 bn of covid-19 stimulus program as FinMin provides breakdown","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"Egypt has deployed EGP 63 bn of its covid-19 stimulus program: The government has spent EGP 63 bn of the EGP 100 bn it earmarked for a stimulus package to tackle the economic fallout from covid-19, the Finance Ministry said in a statement yesterday, which provided a breakdown of how\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/95.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570692,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/egypt-could-earmark-more-funding-for-covid-19-fight\/","url_meta":{"origin":571356,"position":2},"title":"Egypt could earmark more funding for covid-19 fight","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"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). 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