Egypt allocates EGP 127.7B for food subsidies in FY2023/24 budget
Updated 5/9/2023 3:05:00 PM
Arab Finance: Egyptian government has allocated EGP 127.7 billion for food subsidies in the budget of the coming fiscal year (FY) 2023/2024 to reduce the financial burdens on citizens amid soaring inflation, Ministry of Finance Mohamed Maait stated on May 9th.
In addition, allocations for medical insurance and pharmaceuticals as well as social housing amounted to EGP 14.1 billion and EGP 10.2 billion in FY 2023/2024 budget, respectively.
The country has also dedicated a sum of EGP 28 billion to support exports and EGP 3.5 billion to deliver natural gas to households, the minister said.
Maait noted that the country’s public treasury endures EGP 127 billion as interest spread under the initiative aiming to finance the agriculture, industry, and tourism sectors with EGP 160 billion.
He added that the public treasury’s contributions to pension funds for FY 2023/2024 hit EGP 202 billion, marking an annual increase of 6%.
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