CAIRO - 10 July 2022: Finance Minister Mohamed Ma’eit said Sunday that the government is acting to alleviate the burden on citizens.
The government is bearing the biggest part of the negative impact due to inflation that is, according to Ma’eit, “imported from abroad”.
The Finance Ministry is ready to allocate finances needed to meet the basic demands of citizens, Ma’eit assured, noting that this is part of state efforts meant to boost social protection for all segments of society.
He touched upon proactive measures to contain repercussions of the global economic crisis that led to unprecedented price hikes and inflation rates, together with disturbed supply chains.
Ma’eit believes that the new budget is capable of meeting all administrative and social protection commitments.
The Egyptian economy is still intact despite the global challenges that have even worsened with the outbreak of war in Europe and following the negative effects of the coronavirus pandemic, the minister insisted.
According to Ma’eit, the Egyptian economic reform program could “absorb external shocks” and curb their consequences.
Egypt could also overcome the crisis of the emerging markets in 2018 and the current coronavirus pandemic, he added.
About 356 billion pounds of the new budget have been allocated for social protection, the minister said, adding that another 400 billion pounds would go to wages and compensations to civil servants.
The government would spare no effort to improve living conditions of citizens, Ma’eit assured.