News

Poverty Rate in Egypt Rises to 27.8%, Says Planning Minister

Poverty Rate in Egypt Rises to 27.8%, Says Planning Minister

Cairo skyline and Nile River

Minister of Planning and Administrative Development Ashraf El-Araby announced that the poverty rate in Egypt has risen from 26 to 27.8 percent, saying that in absence of reform procedures, the rate would have reached 33 percent.

In a press conference held on Wednesday, El-Araby said that the reform measures the government has undertaken are necessary and indispensable, privately owned Al Masry Al Youm reported.

El-Araby further pointed out that inflation rates in Egypt had reached over 10 percent in absence of any reforms, saying that the inflationary effect occurs only once.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced in July that Egypt’s annual headline inflation stood at 14.8 percent – unchanged from June but up 6.5 percent from July 2015, when the rate stood at 8.3 percent.

Privately-owned Daily News Egypt reported that the inflation rate is also expected to rise in upcoming weeks, when the effect of higher electricity prices will be felt and the new value-added tax (VAT) will be implemented.

Nothing that high inflation falls back on the lack of adequate control over the markets, the Minister of Planning stressed the importance of activating the regulatory system in parallel with the reform measures.

The state is also working on a special program dedicated to the social safety of poorer classes, El-Araby announced, indicating a plan to provide this class with housing and to eliminate slum areas.

Egyptian Cotton Loses its Prominence, Even for Local Manufacturers - US Report
Shell Discovers 500 Billion Cubic Feet of Natural Gas in Egypt's Western Desert

Subscribe to our newsletter


News

More in News

30 Policemen Killed in a Shootout in Egypt’s Western Desert

Egyptian StreetsOctober 20, 2017

Greek Pianist Plays Cavafy Poems as Part of the 2017 Cavafia in Egypt

Maydaa Abo El NadarOctober 20, 2017

With New Power Plants, Egypt’s Solar Investments Surge in 2017

Egyptian StreetsOctober 19, 2017

Egypt Approves First Major Draft Traffic Law in 40 Years

Egyptian StreetsOctober 19, 2017

‘The Show Goes On’: Theatrical Performances Feature Stories of Women in Egypt

Engy AdhamOctober 18, 2017

Climate Change Triggered Social Unrest in Ancient Egypt: Study

Egyptian StreetsOctober 18, 2017

13 Egyptian Businesses Make Forbes’ Top List of Arab Startups

Egyptian StreetsOctober 17, 2017

About 276 Killed in Deadly Truck Bombings in Mogadishu, Somalia

Egyptian StreetsOctober 17, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.