Egypt allocates EGP 529.7B for social protection in FY2023/24 budget
Updated 7/24/2023 8:27:00 AM
Arab Finance: Egypt is allocating EGP 529.7 billion of its budget for the current fiscal year (FY) 2023/2024 to social protection, with an increase of about 48.8% year on year (YoY), according to a statement by the Egyptian Finance Ministry on July 22nd.
Finance Minister Mohamed Maait said that the government was keen to expand the social protection network in the current FY budget to mitigate the inflationary pressures on citizens.
A total of EGP 127.7 billion has been earmarked to subsidize food commodities, while EGP 31 billion will be used to finance the Decent Life program.
Meanwhile, EGP 14.1 billion will be directed for the health insurance and medicines and EGP 10.2 billion will be allocated to support social housing for low- and middle-income citizens.
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