Egypt to allocate exceptional allowance for pensions and salaries

Elfiky also forecasted that fuel prices would settle for more than six months. 

Earlier, Prime Minister Mostafa Madbouly announced on Saturday that there will be no further raises in fuel prices in the next six months if there is no increase in global prices.

Elfiky from the Nation's Future political party noted that the recent rise in fuel prices had secured approximately EGP 27.5 billion in savings for support allocations within the general budget.

It is worth noting that this was the third time for fuel prices to increase in 2024.

These remarks followed President Abdel-Fattah El-Sisi's directives during the launch of the second edition of the Global Congress on Population, Health, and Human Development (PHDC'24) for the government to reassess its situation with the International Monetary Fund (IMF) to alleviate additional pressure on citizens.

Egypt signed an agreement with the IMF in March to increase its loan from $3 billion to $8 billion, which requires gradually phasing out specific subsidies to reduce the budget deficit.

Egypt awaits the fourth review of the Extended Fund Facility (EFF) loan programme in November, which will grant access to a $1.3 billion tranche of the fund's loan upon completion.