Cairo - Mubasher: Egypt plans to earmark EGP 356 billion for social protection programmes during fiscal year (FY) 2022/2023, Hala El-Said, Egypt’s Minister of Planning and Economic Development, revealed.
El-Said pointed out that the funding pledged to social protection in Egypt reached EGP 321 billion in FY21/22, bringing the total amount to EGP 2.69 trillion during the period from FY13/14 to FY22/23.
During the period from FY15/16 to FY22/23, Egypt allocated over EGP 2 trillion for the social support and protection agenda, a hike of 100% from EGP 1 trillion in the previous eight years. The minister added that public investments also enlarged by 488% to EGP 1.30 trillion in the transport and housing sectors, compared to EGP 221 billion.
Over the last eight years, the Arab Republic secured EGP 559 billion for subsidising food commodities, a leap of 193% compared to the previous eight years. A total of 64 million citizens are currently benefiting from the subsidised commodities after the per capita widened by 233% to EGP 50, versus EGP 15 in 2014.
The minister pointed out that the subsidy programme aligns with the directives of President Abdel Fattah El-Sisi to secure EGP 6 billion within six months (6M) for 9.1 million families who will have additional food supplies valued at EGP 100 monthly.
In line with its effort to develop social safety nets, the Egyptian government has allocated EGP 121 billion. Meanwhile under the Takaful and Karama (Solidarity and Dignity) programme, between 900,000 to nearly 1 million new families will join the initiative with a target cost of EGP 5.50 billion annually.
