Egypt to Allocate 1 Pct of GDP for Social Protection Programmes in 2017/18Source: www.export-egypt.com 3/26/2017, Location: Africa |
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Egypt's GDP stood at EGP 2.7 trillion in the fiscal year 2015/16, according to the latest data of the Central Bank of Egypt
Egypt's finance ministry plans to allocate a part of the savings made from the government's ongoing economic reform plan to support social protection programmes, Minister of Finance Amr El-Garhy announced . In a statement emailed by the ministry, El-Garhy said that the allocations would represent one percent of Gross Domestic Product (GDP). Egypt's GDP stood at EGP 2.7 trillion in the fiscal year 2015/16, according to the latest data on the website of the Central Bank of Egypt (CBE). The country started a fiscal reform programme in July 2014 in an attempt to curb a growing state budget deficit, which registered 12.2 percent of GDP in fiscal year 2015/16, through cutting subsidies and introducing new taxes. El-Garhy said the reforms that would be implemented in the coming fiscal year 2017/18 would include more spending on social security pensions as well as healthcare, medication, low-cost housing, milk for infants and technical training for youth. Egypt’s total subsidy bill in the coming fiscal year (2017/18) is estimated at EGP 385 billion, up from EGP 285 billion in the current fiscal year, El-Garhy said that the bill includes food subsidies and social safety network initiatives Takaful and Karama. The Takaful and Karama programme, established by the government in early 2015, is a national social safety net programme aimed at protecting the poor through income support. |
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