Egypt considers money help as a substitute of subsidizing uncooked supplies: Minister

International Courant

The Minister of Provides and Inside CommerceAli Moslehi introduced on Sunday that the federal government is contemplating changing commodity help into money help and ready for financial situations to stabilize.

He assured that if this measure is taken, it is going to be non-obligatory for residents, including that it falls inside the authorities’s efforts to deal with financial challenges.

Throughout a phone interview on the TV channel ‘On’, Moslehi mentioned that if backed bread is obtainable on the market worth, it could be one pound as a substitute of 5 piastres, as a loaf of bread prices the federal government an entire pound. offered for 5 piasters, and the federal government subsidizes it with 95 piasters.

The minister famous that Egypt has been affected by world occasions, such because the warfare between Russia and Ukraine and the occasions in Gaza, which have led to a worldwide enhance in delivery prices.

The help for meals commodities within the normal funds of the state for the monetary 12 months 2023/2024 is estimated at about LE 127.7 billion, in comparison with about LE 90 billion within the funds for the monetary 12 months 2022/2023 – a rise of about LE 37 billion .

Greater than 60 million individuals profit from the ration card system, with every household with a ration card receiving LE50 ($1.62) per particular person each month to buy round 32 items, together with pasta, flour and beans, all at backed costs.

The federal government additionally gives closely backed bread to greater than 70 million of the 104 million residents.

The federal government has postponed plans to extend the worth of backed bread – which has not modified for many years – following the fallout from the warfare in Ukraine.

Egypt considers money help as a substitute of subsidizing uncooked supplies: Minister

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