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CAIRO, May 11 (Xinhua) – Egyptian President Abdel-Fattah al-Sisi approved a new law on Monday to add 10 billion Egyptian pounds ($ 635 million) to the state budget for the current fiscal year.
The new law also aims to help day and seasonal workers negatively affected by precautionary measures taken to contain the coronavirus.
The law came when the IMF Executive Board approved Egypt’s request for $ 2,772 million in emergency financial assistance on Monday.
Meanwhile, Egypt’s finance ministry launched a £ 3bn initiative on Monday to support tourism and hotels against the harsh impacts of the COVID-19 pandemic.
The initiative covers the salaries of employees who work in hotels and tourist facilities, which must provide lists with the names of the employees and bank accounts so that their salaries are transferred directly.
The initiative also covers the operating costs and salaries of employees in small and medium-sized companies. Final product
