Egypt’s Finance Minister Mohamed Maait said President Abdel Fattah El Sisi ordered increasing the social protection budget from 358.4 to 529.7 billion dollars, marking a 48.8-percent increase to ease burdens resulting from the current global inflation.
Such an increase would enable the State to expand social protection network, target more needy families and improve their living conditions, Maait said in a statement.
Some EGP 127.7 billion was allocated in the new budget to support food commodities at an annual growth rate of 41.9% compared to EGP 90 billion for food commodities during the current fiscal year, EGP 119.4 billion for petroleum products subsidy, and EGP 6 billion for health insurance and medicines, recording an increase of 58.2% from the current year.
He added that EGP 10.2 billion was earmarked in the new budget to support social housing at an annual growth rate of 31.5% compared to EGP 7.8 billion, EGP 31 billion for social security pension at an annual growth rate of 25%, and EGP 202 billion for pension fund contributions at an annual growth rate of 6%.
He added that 8 billion pounds were allocated for the treatment of citizens at the state’s expense at an annual growth rate of 14.3%.
Maait said the State is moving ahead with the second stage of Haya Karima initiative in a bid to achieve comprehensive development, fight poverty and secure decent life to 60 percent of Egyptians.
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