Egypt Doubles Subsidized Food Available on Ration Cards

Egypt's government has more than doubled the amount of subsided food that millions of ration card holders can purchase on a monthly basis and raised pensions — measures meant to cushion against soaring prices resulting from harsh reforms that aim to revive the country's battered economy.

President Abdel-Fattah el-Sissi announced the measures in a televised address late Tuesday.

Those holding ration cards would now be able to buy subsidized food items worth 50 Egyptian pounds ($2.8) per person every month — up from 21 Egyptian pounds ($1.16), el-Sissi said.

He said retirement benefits would also be increased by up to 15 percent.

"The cost of reforms has been harsh," the general-turned-president acknowledged and then struck a positive note, adding, that "there will come a day when we will all be in a much better situation."

He said the increase in pensions and food subsidies would cost the treasury a total of 70 billion pounds (nearly $4 billion).