ArabFinance: Egypt’s President Abdel Fattah el Sisi has issued a batch of decision to support the slowdown in domestic economy in line with the pandemic coronavirus (COVID-19).

In his first speech since the outbreak of the virus in the country, el Sisi has addressed the government and relevant authorities to include the five allowances due to pensioners to represent 80% of the basic wage.

He also noted that the annual periodic allowance for pensions to become 14% starting fiscal year 2020/2021.

As for the agriculture land tax, el Sisi said the law shall remain suspended for two years.

He also addressed the Central Bank of Egypt (CBE) to fund the Egyptian Exchange (EGX) with EGP 20 billion.

Furthermore, el Sisi said that the currently operating hotels will be earmarked EGP 50 billion to finance their current expenses while reducing the cost of lending to 8%, as part of the tourism financing initiative.

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