Momtaz El-Saeed: EGP 285bn in New Budget for Subsidies

Up to 285 billion Egyptian pounds were allocated in the new budget for financing subsidies, said Minister of Finance Momtaz El-Saeed on 14/06/2012. In press statements, Saeed noted that these funds will be channeled into supporting programs aimed at providing basic commodities to the low-income segments of the society at affordable prices. As for other aspects of the budget, the minister said that up to EGP 64.4 billion were allocated for education against EGP 51.2 billion in the previous budget. The health care domain also got EGP 28.6 billion with an increase of EGP 2.5 billion, he added.