Sisi plans to boost subsidies and social security budget substantially.
Egyptian Finance Minister Mohamed Maait confirmed that President Abdel-Fattah El-Sisi has ordered a 48.8% increase in the budget for support and social protection to alleviate the suffering of citizens in the light of the global inflationary wave.
In a statement today Sunday, the minister said the budget would increase from £358.4bn to £529.7bn, allowing the state to expand a safety net that most targets the most vulnerable and needy families, such in a way that is integrated with efforts to improve living standards.
Maite added that the new budget allocated £127.7bn for food subsidies with an annual growth rate of 41.9 percent compared to £90bn for food in the current financial year, £119.4bn for food subsidies petroleum products and £6bn for health insurance and medicines, up 58%, 2% in current fiscal year, £10.2bn to support social housing with an annual growth rate of 31.5% compared to £7.8bn sterling, £31bn for Social Security pensions. with an annual growth of 25%, and £202 billion in contributions to pension funds with an annual growth of 6% compared to £191 billion in the current financial year.
According to the Minister, this guarantees the provision of the necessary financial liquidity to serve the pensioners, the beneficiaries on their behalf and the insured, as well as the fulfillment of all obligations towards them, in addition to the state treasury, which has 8 billion pounds for the treatment of citizens at the expense of the state, with an annual growth rate of 14.3%.
Maait mentioned the state’s ongoing efforts to implement the President’s “Life with Dignity” initiative, complete the first phase and start the second phase of village development in the Egyptian countryside in order to achieve inclusive development and eradicate multidimensional poverty, to ensure a decent and sustainable life for 60% of Egyptians and increase social, economic and environmental level of target families by providing more productive employment opportunities.
The minister said the state is working to put in place the necessary measures and activities to support the agricultural and industrial manufacturing sectors, as £19.5bn has been earmarked for an interest rate support initiative on credit lines for owners of industrial and agricultural activities. £28.1bn has been allocated to motivate them and push them to expand production. the current financial year under the “Support for Exporters” program.
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