President Sisi orders increasing social protection budget to LE 529.7B

Egypt’s President Abdel Fattah El Sisi ordered on Sunday increasing the social protection budget from LE 358.4 to LE 529.7 billion, marking a 48.8-percent increase to ease burdens resulting from the current global inflation, Finance Minister Mohamed Maait said

Such an increase would enable the State to expand social protection network, target more needy families and improve their living conditions, Maait said in a statement.

Some LE 127.7 billion was allocated in the new budget to support food commodities at an annual growth rate of 41.9% compared to LE 90 billion for food commodities during the current fiscal year, LE 119.4 billion for petroleum products subsidy, and LE 6 billion for health insurance and medicines, recording an increase of 58.2% from the current year.

He added that LE 10.2 billion was earmarked in the new budget to support social housing at an annual growth rate of 31.5% compared to LE 7.8 billion, EGP 31 billion for social security pension at an annual growth rate of 25%, and LE 202 billion for pension fund contributions at an annual growth rate of 6%.

He added that LE 8 billion were allocated for the treatment of citizens at the state’s expense at an annual growth rate of 14.3%.

Maait said the State is moving ahead with the second stage of Haya Karima initiative in a bid to achieve comprehensive development, fight poverty and secure decent life to 60 percent of Egyptians.