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| Mon, 6th Apr 2020 15:19:00 |
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This Emerging Economy Bets Big On Solar |
Egypt's total of 1173 recorded Covid-19 cases and 78 deaths, as of April 5, places Africa's third-most populous country significantly below the global per capita averages for both counts as the pandemic continues to disrupt the global economy.
However, as a result of the sharp growth in international cases and the gradual closing of national borders, in mid-March the government decided to implement travel restrictions.
Egyptian airports were closed to international flights on March 19 for an initial period of two weeks. This shutdown has since been extended to internal flights and will last until at least April 15.
Additionally, on March 25 the government announced a two-week curfew from 7pm to 6am, while pharmacies and food shops will be the only retail establishments allowed to open on weekends and past 5pm on weekdays. Restaurants may only open for deliveries.
Pre-emptive economic stimulus
As the potential economic fallout of the pandemic began to become clear, on March 22 President Abdel Fattah El Sisi announced a comprehensive LE100bn ($6.4bn) package of measures. This included a LE22bn ($1.4bn) stimulus to support the Egyptian Exchange, which should also benefit from a 50% reduction in taxes on the dividends of listed companies.
In addition, the Central Bank of Egypt announced a 3% interest rate cut in what it described as a "pre-emptive move" to support the wider economy.
The outbreak will have a considerable negative impact on one Egypt's most important industries, tourism. The sector accounted for around 12% of GDP in 2019, with tourism receipts standing at $16.4bn and arrival numbers registering a record 57.5% increase.
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