Egypt Allocates EGP 202 Billion to Bolster Pension SystemSource: www.export-egypt.com 11/26/2023, Location: Africa |
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The Egyptian government has announced the allocation of EGP 202 billion for supporting its pension system during the fiscal year (FY) 2023/2024, said Mohamed Maait, minister of finance, according to an official statement .
This allocation represents a six percent increase compared to the contribution of EGP 191 billion in FY2022/2023. Maait stated that "By 2050, Egypt will have transferred EGP 46.478 trillion to the National Authority for Social Insurance." Over the past two years, Egypt has implemented four pension increases, beginning in April 2022 and continuing to date, he added. In October, President Abdel-Fattah El-Sisi announced a series of measures aimed at alleviating financial burdens on citizens, including doubling the exceptional grant for 11 million pensioners and beneficiaries, raising it from EGP 300 to EGP 600. These recent increments play a vital role in easing the financial strain on pensioners and mitigating the inflationary effects resulting from global economic challenges, such as the ongoing COVID-19 pandemic and geopolitical tensions, Maait highlighted. He further emphasized that these steps align with President El-Sisi's directives to bolster the insurance and pension system, adding that Egypt has already transferred EGP 768 billion to the insurance authority within a span of 52 months, starting from September 2019. The current budget encompasses total expenditures amounting to EGP 2.99 trillion, with total revenue reaching EGP 2.14 trillion. Notably, the budget allocation for subsidies and social protection programmes has seen a boost, surging from EGP 358.4 billion in FY2022/2023 to EGP 529.7 billion in FY2023/2024, marking an increase of 48.8 percent. The country's current budget aims to achieve a 4.1 percent GDP growth and a budget deficit of 6.9 percent of GDP. |
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