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Dr. Mohamed Moait, Minister of Finance, confirmed that, in implementation of the presidential directives to support the civil aviation sector in the face of the repercussions of the emerging “Corona” virus crisis, which caused the movement of air traffic to stop globally, the Holding Company of EgyptAir will be given 2 billion pounds as a “support loan” and bear the treasury The state burdens its burdens until the company achieves operating rates equivalent to 80% of the operating volume in 2019.
The minister added in a press statement, on Saturday, that the stoppage of air traffic globally as a result of the Corona pandemic greatly affected the holding company of EgyptAir and its subsidiaries, as the revenues stopped completely while continuing to bear fixed expenses from the wages of workers and others, pointing out that two meetings were held With the Minister of Civil Aviation and representatives of the Holding Company for Egypt Aviation; To discuss the basic needs for which funding is required under the current exceptional circumstances.
Moait explained that this “support loan” for the civil aviation sector comes within the package of measures that support the economic, service and production sectors affected by the “Corona” pandemic, which the government has taken to implement the mandates of the political leadership, to achieve a balance between preserving the health of citizens and the continuation of the production wheel to retain employment and provide The requirements of the local market, and the sustainability of providing public services to citizens, and meeting their basic needs, and to alleviate the severe crisis on the performance of the national economy, in a manner that contributes to preserving the achievements of economic reform, including ensuring Fiscal policy decision, and to maintain the economic path for the safe state.
The Minister of Finance indicated that there are several facilities in support of the affected sectors, in respect of which Law No. 24 of 2020 has been issued, which has been in operation since the end of last March, including the financial rules required to deal with the consequences of the Corona pandemic.
- The situation in Egypt