Business
Egypt raises social spending, food subsidies to offset inflation
Egypt raised funding for its overall social protection programs by 48 percent for the 2023-24 fiscal year to EGP 529.7b ($17.1 billion) from EGP358.4b in 2022-23, the finance ministry said in a statement.
For the latest headlines, follow our Google News channel online or via the app.
The increase aims to alleviate the burden of citizens from the global inflationary wave that’s pushed up prices for basic goods. Egypt aims to expand the social protection network for the most vulnerable and needy families.
Food subsidies will rise to EGP127.7b in 2023/24 from EGP90b, the ministry said. Egypt allocated EGP 119.4b to fuel subsidies in new budget.
Egypt’s consumer prices climbed an annual 32.7 percent in March, the fastest in almost six years. Food prices have spiraled up in step with a devaluation in the Egyptian pound.
Read more:
Egypt to raise food subsidies spending by 20 percent in FY 2023/24 draft budget
Egypt Bank shares signal expectation of pound devaluation
Egypt’s headline inflation rate increased to 32.7 percent in March