Egyptian Prime Minister Mostafa Madbouly responded to the ongoing demands to halt projects being developed by the state, saying: “These projects have doubled the domestic product.
He said there are plans to increase the tax exemption limit for both the public and private sectors so that his salary is £2,000 and he pays no taxes, and with the increase in the exemption limit, it will reach £2,500. explaining that Egypt sought to take additional steps for social protection in accordance with the directives of the President of the Republic, including the arrival. The number of families benefiting from solidarity and dignity programs provided by the Ministry of Social Solidarity has reached 4.1. million families, with a total of 17 million beneficiaries, after adding 450,000 new families. The target family cash support budget has increased to more than £22 billion a year this year, up from £3.7 billion in 2014.
Madbouli explained that the average strategic stock of goods is up to 6 months, and the supply subsidy has been increased to 90 billion Egyptian pounds, explaining that a new system has been put in place to increase the price of ardebum and an additional incentive.
He pointed out that the budget was formed based on the fact that the price of a barrel is 60 dollars, and I expected that this would be the case this year, especially since the state has established a policy of eliminating subsidies for petroleum products, with the exception of a gas cylinder, but as a result of Russian- Ukrainian war, the price of a barrel rose to $120.
The Prime Minister said the total fuel subsidy in the new budget is approximately £30bn to support fuel and butane, explaining that the government has set general precautions for government intervention in the next fiscal year in case the figures exceed those in the budget. .
Source: Cairo 24