Egypt Deducts 1% from Public Salaries due to Coronavirus

A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
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Egypt Deducts 1% from Public Salaries due to Coronavirus

A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)

Egypt will deduct 1 percent from people’s salaries for 12 months beginning on July 1 to offset the economic repercussions of the coronavirus, according to a draft law approved by the cabinet on Wednesday.

The tax will be imposed across all sectors of the economy in both the public and private sectors for net monthly salaries exceeding EGP2,000 Egyptian pounds, the cabinet said in a statement. A tax of 0.5 percent will be deducted from state pensions.

Those affected economically by the outbreak may be exempted from the tax.

Revenues from the salary tax will be used to support organizations and workers hit by the fallout from the virus, as well as for direct support to some citizens and funding for the medical sector, the cabinet added.

In the same context, Egypt announced that 745 new cases of COVID-19 were recorded Wednesday, in addition to 21 deaths, and the release of 252 coronavirus patients.

Meanwhile, Prime Minister Mostafa Madbouly reiterated that citizens must abide by coronavirus prevention measures imposed by the government during and after the Eid al-Fitr holiday. Precautionary measures to coexist with the coronavirus will remain in place even after life returns to normal, Madbouly added, the most important of which is wearing face masks in public.

Minister of Health and Population of Egypt Hala Zayed announced that 320 hospitals will be receiving patients suffering COVID-19 symptoms.

Patients with mild symptoms will be isolated at home and given masks, disinfectants, and some medicines. “The patient will be followed up on remotely through a new electronic system,” the minister said, adding that the ministry has been implementing the home isolation system for mild cases since May 14."

“The severe cases, which are subdivided into high, extreme, and critical, will be sent to a quarantine hospital,” Zayed continued.



PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh
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PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

Saudi Arabia’s Public Investment Fund (PIF) organized the seventh annual summit for the One Planet Sovereign Wealth Funds (OPSWF) Group in Riyadh on Tuesday.

French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and over 100 CEOs, members of OPSWF, asset managers, and private equity fund representatives attended the event.

The summit coincided with Saudi Arabia's hosting of the 16th Conference of the Parties to the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification, the Saudi Green Initiative, and the One Water Summit.

Tuesday’s discussions focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges, creating value through opportunity-driven investments, and financing current and future climate solutions to drive economic transformation and sustainable development.

Other issues included expanding investments in renewable energy, supporting green financing in hard-to-abate sectors, utilizing artificial intelligence to enhance emission reduction strategies, and advancing green building standards.

Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system, and address crucial areas, such as climate-related data, enabling technologies like AI, transition finance, clean hydrogen, greening real estate, and renewables in emerging markets and developing economies.

"PIF is committed to net zero by 2050, contributing to Saudi Arabia's aim of net zero by 2060. Renewables is one of PIF's strategic sectors, and PIF is working toward the localization of renewable energy and hydrogen production to achieve its target of developing 70% of the nation's renewable energy capacity," he added.

He stressed PIF's ongoing efforts to support sustainability through various projects and initiatives, including the issuance of its Green Finance Framework, the first sovereign wealth fund to issue a green bond, and the first to issue a 100-year green bond.

PIF and OPSWF Network members are building a sustainable and inclusive investment approach to ensure inclusivity for all in the transition to net zero, he noted.