World Courant
The Egyptian authorities has allotted LE596 billion (US$12.66 billion) to the assist system as a part of the upcoming draft price range (2024/2025) to cut back the burden on middle- and low-income earners affected by rising inflation charges and the erosion of the pound.
Egyptian Finance Minister Mohamed Maait mentioned in an interview with native media and journalists on Tuesday that authorities assist allocations embody LE134 billion for meals provide, greater than LE147 billion for supporting petroleum merchandise and LE40 billion for the ‘Solidarity and Dignity’ program ‘.
The Egyptian authorities in December elevated its goal of subsidizing petroleum merchandise within the present price range yr by about 9 p.c to LE130 billion, a authorities official instructed Al-Sharq.
Maait defined on Tuesday that the rise in assist for petroleum merchandise is because of the improve in world oil costs and the change within the change charge, which poses a serious problem to the state’s public funds.
Subsidizing bread quantities to greater than LE125 billion, he mentioned, after anticipating its value to exceed LE125 piastres, whereas residents pay solely 5 piastres.
Egypt agreed with the Worldwide Financial Fund to extend the worth of the financing program granted to the nation from $3 billion to $8 billion, following measures just lately taken by Cairo, together with a major devaluation of the forex and a rise in rate of interest by roughly 600 foundation factors.
Egypt allocates greater than $12 billion to assist residents within the new price range
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