Wheat subsidy to hit EGP 95 billion by year's end; new budget to focus on social protection

Madbouly stressed that the new budget will focus heavily on social safety measures, adding that the government has not touched the price of the subsidised bread despite the current global economic circumstance.

The premier was speaking at a press briefing following a cabinet meeting in the country's new administrative capital, where he announced initiatives to support the industry and agricultural sectors.

Egypt provides the 90-gram loaf of subsidised bread – a staple of the Egyptian diet – for 5 piastres to citizens enrolled in the ration card system, while its actual cost is 90 piastres, according to government officials.

In the country's 2022/2023 budget, the total cost of subsidised goods including bread shot up from EGP 87.2 billion to EGP 90 billion due to the increase in the US dollar price.