Egypt’s Sisi orders stronger financial measures to tackle coronavirus repercussions

SectorFinancial Markets

Egypt's President Abdel-Fattah El-Sisi has called for continuing to strengthen the state's financial measures to cope with the coronavirus’ economic repercussions, according to presidency spokesman Bassam Rady. In a meeting with Prime Minister Mostafa Madbouly and Finance Minister Mohamed Maait, President El-Sisi called for ensuring the stability of the state's financial policies while handling the pandemic. Earlier this year, Egypt earmarked, alongside other supportive economic measures, an EGP 100 billion ($6 billion) financial package for fighting the outbreak. By June, the country had spent EGP 65 billion (approximately $4 billion) of the package, according to Maait's interview with privately-owned satellite TV channel ON last week. As the country heads into winter, a slight rise has been witnessed nationwide recently in the daily coronavirus infection toll. This increases concerns more...