Egypt’s budget for financial year 2017/18 will include a 75 billion Egyptian pounds ($4.17 billion) social package, a finance ministry statement announced Wednesday.
The government aims to maintain a previously announced budget deficit target of 9.1 percent despite the introduction of the social package, the statement added.
President Abdel Fattah al-Sisi announced on Tuesday a number of measures intended to ease pressure on Egyptians suffering as a result of recent economic reforms necessary to secure a $12 billion International Monetary Fund programme.
The measures included more than doubling monthly food subsidies effective starting July 1 and an increase of 15 percent in civil servants pensions.
The IMF deal, aimed to put Egypt’s economy back on track after years of turmoil drove foreign investors and tourists away, includes raising taxes and energy subsidy cuts.
Source: Reuters
