2023-04-24 09:22:30
The Egyptian government announces an increase in spending on support and social protection
The Egyptian government announced raising the share of the subsidy and social protection budget in the state’s general budget by 48%, to reach 529.7 billion pounds, equivalent to 17.1 billion dollars, during the next fiscal year.
A statement by the Egyptian Ministry of Finance stated that the government decided to increase the subsidy directed to food commodities by 41.9% to 127.7 billion pounds, or more than four billion dollars, following it was only 90 billion pounds during the current fiscal year, to face the repercussions of the economic crisis in the wake of the Russian war. Ukraine, which led to record increases in inflation rates, which recorded 33.9% last March on an annual basis.
The statement of the Ministry of Finance stated that the food subsidy item is one of the main reasons for the increase in the budget deficit in Egypt, which is expected to reach 6.8% during the current fiscal year. It is noteworthy that the fiscal year in Egypt starts from the beginning of July.
Figures from the Egyptian Ministry of Finance indicated that the budget for subsidizing petroleum products during the budget for next year amounts to 119.4 billion pounds, while the budget for social solidarity pension amounted to 31 billion pounds, and 8 billion pounds were allocated for the treatment of citizens at state expense, and 6 billion pounds for health insurance and the provision of medicines.
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