Egypt’s President Abdel Fattah El-Sisi ordered on Wednesday, 31 August, tripling the monthly state subsidy bonus to EGP 300, which will be disbursed for 9 million struggling Egyptian families, starting September.
Initially announced in July at EGP 100, the monthly bonus will be disbursed via subsidy cards over a period of six months, and aims to support the neediest families to better cope with inflation following the Ukraine conflict.
Recipients will also include pensioners who earn less than EGP 2,500 per month, as well as public sector employees who earn less than EGP 2,700 per month,
Additionally, the president ordered increasing the number of beneficiaries from the Takaful and Karama cash transfer programme (Solidarity and Dignity) to 5 million families from 4.1 million families, which is around 22 million Egyptian families.
Since 2015, the Takaful and Karama programme provided family income support to increase food consumption, reduce poverty while encouraging families to keep children in school and provide them with needed health care.
Egypt’s annual inflation rate surged to 14.9 percent in April, significantly higher than the previous month’s 12.1 percent due to rising global commodity prices as a result of the Ukraine conflict.
In March, the Central Bank of Egypt (CBE) devalued the currency by 14 percent in response to the global economic shortages caused by the war.