Egypt allocates over US$12 billion to support citizens in new budget

The Egyptian government has allocated LE596 billion (US$12.66 billion) to the support system, as part of the upcoming draft budget (2024/2025) in order to reduce the burdens on middle and low-income people impacted by rising inflation rates and the erosion of the pound.

Egyptian Finance Minister Mohamed Maait said in an interview with local media and journalists on Tuesday that government support allocations include LE134 billion for food supplies, more than LE147 billion to support petroleum products, and LE40 billion for the “Solidarity and Dignity” program.

The Egyptian government in December raised the target of subsidizing petroleum products in the current fiscal year by about nine percent to LE130 billion, a government official told Al-Sharq.