President Abdel Fattah El-Sisi ordered raising the social protection budget from EGP 358.4 billion to EGP 529.7 billion, with an increase of 48.8%, to alleviate burden on citizens due to the persisting soaring inflation, Finance Ministry stated on April 23rd.
In the amended social protection budget, EGP 127.7 billion has been allocated to support food commodities for the upcoming fiscal year (FY) 2023/24, at an annual growth rate of 41.9%, up from EGP 90 billion allocated for the current FY.
A total of EP 119.4 billion is earmarked for petroleum products subsidy, and EGP 6 billion for health insurance and medicines.
The government also allocated EGP 10.2 billion to support social housing in the 2023/24 social protection budget and EGP 31 billion for social security pension.
The statement indicted that the state’s public treasury bears EGP 8 billion for the treatment of citizens at the state’s expense, with a 14.3% year-on-year (YoY) increase.
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