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

Marble Head of Roman Emperor Discovered in Egypt’s Aswan

Egyptian StreetsApril 25, 2018

3 Chinese Tourists Killed as Tour Bus Flips Over

Egyptian StreetsApril 25, 2018

Mohamed Salah Hailed as ‘Sensational’ as Liverpool Defeats Roma 5-2

Egyptian StreetsApril 25, 2018

People Who ‘Harass’ Tourists in Egypt to Be Fined Up to EGP 10,000

Egyptian StreetsApril 25, 2018

Mohamed Salah Crowned the PFA Player of the Year Award

Egyptian StreetsApril 22, 2018

Detained Journalist Shawkan Wins UNESCO’s Press Freedom Prize Despite FM Criticism

Egyptian StreetsApril 22, 2018

World Bank, Egypt Sign $US 500 Million Agreement to Reform Egypt’s Public Schools

Egyptian StreetsApril 22, 2018

Egyptian Teenager Kills Mother and Brother to Complete ‘Blue Whale’ Suicide Game Task

Egyptian StreetsApril 22, 2018
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.