{"id":574393,"date":"2020-09-08T03:49:04","date_gmt":"2020-09-08T03:49:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/finmin-ups-discounts-on-consumer-goods-to-boost-spending\/"},"modified":"2020-09-08T03:49:04","modified_gmt":"2020-09-08T03:49:04","slug":"finmin-ups-discounts-on-consumer-goods-to-boost-spending","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/finmin-ups-discounts-on-consumer-goods-to-boost-spending\/","title":{"rendered":"FinMin ups discounts on consumer goods to boost spending"},"content":{"rendered":"

FinMin ups discounts on consumer goods to boost spending:<\/strong> Ration card holders will receive a 14% discount on goods covered by the government\u2019s consumer spending initiative, up from 10% currently, Masrawy<\/a> reports, citing Finance Minister Mohamed Maait. The additional price cut only applies to goods which merchants and manufacturers have already discounted by at least 15%, Maait said.<\/p>\n

Card holders can now also carry over unused sums from their monthly subsidy for food commodities, <\/strong>following a coordinated effort between the finance and supply ministries. Merchants and manufacturers will also be paid any dues owed to them from the treasury within four working days.<\/p>\n

The <\/strong>initiative\u2019s website<\/a><\/strong> has seen some 65k durable and non-durable goods sold from 1,631 outlets nationwide<\/strong> since the program\u2019s launch in July, according to Deputy Minister of Treasury Affairs Ehab Abu Eish.<\/p>\n

Background:<\/strong> The government launched the consumer spending program in July to stimulate some EGP 125 bn-worth of consumer spending. Egyptian and foreign consumers can buy select goods including electronics, appliances, clothes, leather products, and furniture through a dedicated website<\/a> set up by the government. The same products will be available on sale in stores at the same time. Nearly 1.2k manufacturers and merchants have reportedly signed up<\/a> to offer discounts on some 4.2k products.<\/p>\n

In a related program, <\/strong>families on ration cards will get up to EGP 1k in additional spending power<\/a><\/strong> under the program. <\/strong>The government has earmarked as much as EGP 12.25 bn, providing an additional EGP 200 per family member to a maximum of EGP 1k per qualifying family for spending under the program.<\/p>\n

The program looks set to last until at least January 2021, <\/strong>and could be extended further into 2021 if it proves successful.<\/p>\n

The initiative came up on the airwaves last night,<\/strong> when Al Hayah Al Youm\u2019s Lobna Assal spoke to Assistant Finance Minister Mohamed Abd El-Fattah (watch, runtime: 9:15)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

FinMin ups discounts on consumer goods to boost spending: Ration card holders will receive a 14% discount on goods covered by the government\u2019s consumer spending initiative, up from 10% currently, Masrawy reports, citing Finance Minister Mohamed Maait. The additional price cut only applies to goods which merchants and manufacturers have already discounted by at least […]<\/p>\n","protected":false},"author":1,"featured_media":574394,"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":[5849,72,276,277,2380,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-ehab-abu-eish","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-speed-round","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"bbbb616d-f938-46e9-8540-251f17a18b89","is_powered_by":true,"section_story_id":"820e46d6-b2ea-4c95-bf13-443d2f4a21d8","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/103.jpg","photo_position":"above","related_issue":[574374],"teaser":"","voice_url":""},"yoast_head":"\nFinMin ups discounts on consumer goods to boost spending - 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\/09\/08\/finmin-ups-discounts-on-consumer-goods-to-boost-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin ups discounts on consumer goods to boost spending\" \/>\n<meta property=\"og:description\" content=\"FinMin ups discounts on consumer goods to boost spending: Ration card holders will receive a 14% discount on goods covered by the government\u2019s consumer spending initiative, up from 10% currently, Masrawy reports, citing Finance Minister Mohamed Maait. 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The program aims to boost consumer spending by offering discounts on select goods such as electronics, furniture, appliances and\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\/9\/255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573211,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/egyptian-government-program-to-boost-consumer-spending-goes-live-today\/","url_meta":{"origin":574393,"position":1},"title":"Egyptian government program to boost consumer spending goes live today","author":"enterpriseam admin","date":"26 July 2020","format":false,"excerpt":"Gov\u2019t program to boost consumer spending goes live today: A government initiative that aims to stimulate some EGP 125 bn-worth of consumer spending is launching today, cabinet said in a statement on Wednesday. All consumers (Egyptian and foreign residents alike) can buy select goods including electronics, appliances, clothes, leather products,\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\/7\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572884,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/13\/govt-unveils-package-of-measures-to-boost-consumer-spending\/","url_meta":{"origin":574393,"position":2},"title":"Gov\u2019t unveils package of measures to boost consumer spending","author":"enterpriseam admin","date":"13 July 2020","format":false,"excerpt":"Gov\u2019t unveils package of measures to boost consumer spending: A new package of measures designed to push the economy through its demand slump aims to stimulate up to EGP 100 bn of spending activity, Planning Minister Hala El Said announced yesterday. Speaking at a ceremony to inaugurate a number of\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\/7\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573181,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/22\/details-of-egypts-consumer-spending-initiative-could-emerge-within-a-week\/","url_meta":{"origin":574393,"position":3},"title":"Details of Egypt\u2019s consumer-spending initiative could emerge within a week","author":"enterpriseam admin","date":"22 July 2020","format":false,"excerpt":"We could be hear the details of the government\u2019s consumer-spending initiative within a week, if local press reports citing government officials are anything to go by. According to the officials, the initiative \u2014 which is designed to stimulate EGP 100 bn-worth of consumer spending over three months, starting from the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572969,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/two-year-installment-plans-online-access-in-govt-consumer-spending-initiative\/","url_meta":{"origin":574393,"position":4},"title":"Two-year installment plans, online access in gov\u2019t consumer spending initiative","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"Two-year installment plans, e-commerce are part of gov\u2019t consumer-spending initiative: Citizens will be offered two-year, low-interest installment plans to pay for consumer goods as part of new measures to encourage spending announced earlier this week, cabinet said in a statement yesterday. The government will create a dedicated online store that\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572918,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/gerd-talks-domestic-consumption-top-stories-on-talk-shows\/","url_meta":{"origin":574393,"position":5},"title":"GERD talks, domestic consumption top stories on talk shows","author":"enterpriseam admin","date":"14 July 2020","format":false,"excerpt":"The big news of the night: More details of the Madbouly government\u2019s plans to encourage consumer spending. The breakdown of GERD negotiations the schools \u201cexpenses crisis\u201d also got attention from the nation\u2019s talking heads. 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