Egypt's Cabinet Approves $2.48 Billion Social Aid Program
- Plan includes tax discounts, bonuses and a raise to pensions
- Inflation has surged over 30% since pound float in November
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The Egyptian government approved a social spending plan to support lower and middle income families after inflation surged to the highest levels in decades following the flotation of the pound.
The government plans to spend 45 billion Egyptian pounds ($2.48 billion) on income tax discounts, bonuses for public employees, and increased pension payments and cash subsidies during the fiscal year beginning July 1, Finance Minister Amr El-Garhy told reporters in Cairo. The package, excluding the cash subsidy raise, requires parliament approval.