Egyptian president approves law to support state budget amid coronavirus outbreak
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E-mail Xinhua, May 12, 2020
CAIRO, May 11 (Xinhua) -- Egyptian President Abdel-Fattah al-Sisi approved on Monday a new law to add 10 billion Egyptian pounds (635 million U.S. dollars) to the state budget for the current fiscal year.
The new law also aims to help day and seasonal laborers negatively affected by the precautionary measures taken to contain the coronavirus.
The law came as the Executive Board of the IMF approved on Monday Egypt's request for emergency financial assistance of 2.772 billion dollars.
Meanwhile, Egypt's finance ministry launched on Monday an initiative worth 3 billion pounds to support tourism and hotels against the harsh impacts of the COVID-19 pandemic.
The initiative covers the salaries of employees working in hotels and tourist facilities, which have to provide lists with employees' names and bank accounts for their salaries to be directly transferred.
The initiative also covers operation costs and employees' salaries in small- and medium-sized enterprises. Enditem
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