Egypt to allocate $2.66bln for bread subsidies in FY 2024/2025 budget

Egypt will allocate more than 125 billion Egyptian pounds ($2.66 billion) for bread subsidies in its 2024/2025 state budget, a finance ministry statement said on Tuesday citing Finance Minister Mohamed Mait.

More than 147 billion Egyptian pounds ($3.13 billion) would be set aside for the subsidies of petroleum products in the same budget due to the rise in global oil prices and the impact of changing the exchange rate, Mait added