FILE - Minister of Finance Amr El Garhy
CAIRO – 21 November 2017: New cigarette prices will be applied Wednesday or Thursday, Minister of Finance Amr El-Garhy told Khaled Salah, presenter of Akher Al Nahar TV program and Youm7 editor-in-chief, on Thursday.
“We are waiting for a decision from the president, and after publishing it in the Egyptian Gazette, we will start applying it officially tomorrow or the day after,” El-Garhy added.
Members of parliament who are smokers were very happy by the new raise, as they consider the increased revenues that will be added to the state budget, particularly to fill the gap of the budget deficit as well as more spending on education, Medicare and social security programs.
El-Garhy announced Tuesday that the new prices of cigarettes will increase budget revenues to LE 4 billion ($226.5 million) by the end of fiscal year 2016/17.
“The expected revenues will be directed to health, education and social security programs, in addition to financing the budget deficit,” he added, noting that the new prices will also help decrease cigarette consumption.