Egypt to increase food subsidies amid price hikes

Bread 04/11/2016 (Ahram Online – Egypt): Egypt will increase the amount allocated to individuals holding food subsidy cards from EGP 18 to 21 starting next month, Supply Minister Mohamed Ali El-Sheikh said at a Friday press conference, in a bid to compensate for food price hikes caused by the flotation of the pound and increase in fuel prices. During the conference, Finance Minister Amr El-Garhy said the increase of the individual’s share in the smart-card system for buying subsidised food will increase the state budget in this category from EGP 44 billion to EGP 50 billion. Prime Minister Sherif Ismail, also speaking at the conference, said that some product prices will increase after price hikes in oil products.”I will meet with the country’s provincial governors to put a plan in action to control price hikes,” he added…



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