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FINANCIAL NEWS
Egypt allots EGP22bn to enhance subsidy support
02 Jul 2017
(MENAFN) The government raised the value of the social package to EGP75bn, an increase from EGP46bn, while lifting the cash subsidy from EGP21 to EGP50 will cost a whole of EGP22bn.
Accordingly, deputy minister of finance for treasury affairs proclaimed that the cost of the social package program will reach EGP75bn.
Additionally, the increase in the package is involved in the draft budget for the coming fiscal year and will not affect the deficit target of 9 percent of GDP.
Moreover, this marks a growth of 140 percent to subsidize food commodities by EGP85bn in the general budget, up from EGP45bn in the recent year budget.
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MENAFN0207201700450000ID1095590550
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