Back to the complete issue
Tuesday, 31 March 2020

Draft budget reviewed as covid-19 fallout still dominates talk shows

It feels like a lifetime since we’ve had anything other than covid-19 on our screens: Last night Finance Minister Mohamed Maait was doing the rounds on the talk shows to discuss the new details of the draft budget released yesterday. Maait dropped into Al Hayah Al Youm (watch, runtime: 17: 12) and Masaa DMC (watch, runtime: 9:51) to talk about the announcement. We have the full story in this morning’s Speed Round, below.

WHO on Egypt’s covid-19 efforts: Al Kahera Alaan’s Lamees El Hadidi reported on the World Health Organization’s press conference yesterday, which relayed the latest covid-19 updates in Egypt, and announced that the government had agreed to proceed with clinical trials in search of treatments for the disease (watch, runtime: 2:40), El Hekaya’s Amr Adib (watch, runtime: 3:20) also covered the WHO’s statements.

Two nights ago, Naguib Sawiris took to Al Kahera Alaan to criticize the government’s covid-19 strategy. Last night, it was Alaa Arafa’s turn. The garment maker and industrialist repeated several of the same talking points used by Sawiris to argue against a period of lockdown to contain the virus. Speaking with El Hadidi, Arafa claimed that lockdowns had not been proven effective in flattening the curve in some countries, and emphasized that Egypt cannot afford to completely shut down its economy. Instead, he argued for a so-called “phase 2 rescue strategy” for when the worst of the crisis is over, involving isolating positive and at-risk cases and returning others to work (watch, runtime: 6:30).

A run on the banks? El Hadidi also reported on the crowds dashing toward the nation’s banks and ATMs following the Central Bank of Egypt’s decision on Monday to tighten limits on daily withdrawals and deposits. She voiced distress over the images and noted that the CBE will re-examine its caps in two weeks’ time (watch, runtime: 4:44).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.