Minister Kouchouk stated that the Citizen's Budget report displays the economic, developmental, and social priorities during the current FY2024/2025.
Kouchouk noted that the Ministry of Finance is allocating EGP 154.5 billion for supporting petroleum substances; EGP 134.2 billion for subsidized goods; and EGP 40 billion for the social guarantee, pension, and Takaful & Karama in FY2024/2025, compared to EGP119 billion; EGP 127.7 billion; and EGP 31 billion, respectively, in FY2023/2024.
According to the International Monetary Fund (IMF) staff report on the third review of Egypt’s EFF loan programme, the benchmark on quarterly conduction of the retail fuel price indexation mechanism has been modified to mark a commitment to restoring fuel prices to their cost recovery levels by the end of 2025.
The minister added that EGP 11.9 billion will go to social housing and EGP 3.5 billion to natural gas delivery to houses, compared to EGP 10.2 billion and EGP 3.5 billion in FY2023/2024.
Moreover, Kouchouk stated that EGP 18.4 billion is allocated for health insurance and dispensing medicine and treatment at the government’s expense, compared to EGP 14.1 billion in FY2023/2024.
He clarified that 4.6 million citizens benefit from comprehensive health insurance and that EGP 2.4 billion will be allocated to disabled people.
Kouchouk also noted that EGP 15.4 billion will go to the the General Authority for Healthcare, out of which EGP 8.4 billion is provided by the National Treasury.
Additionally, he indicated that EGP 26.7 billion will be allocated to supporting health initiatives and increasing medicine allocations and medical supplies.
On a similar note, Egypt has witnessed a severe shortage of medications in the past few months.
Head of the Egyptian Drug Authority Ali El-Ghamrawy has previously announced that the medicine shortage crisis will be cleared within two months.
Furthermore, the minister said EGP 150 billion will be allocated to execute the second phase of the Decent Life national project, to achieve sustainable countryside development.
The second stage of the Decent Life initiative is anticipated to cover 1,670 villages across the country and provide services to 20 million citizens.
In addition, Kouchouk stated that EGP 40.5 billion will be allotted to finance economic activity stimulus programmes that specialize in supporting production and exporting sectors.
The minister added that farmers’ subsidies will be EGP 657 million and subsidies on the interest of modern irrigation loans will be around EGP 300 million.
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