Egypt is studying the possibility of increasing subsidies for smart card holders to support them during the hardships of economic reform, Aswat Masriya reported Minister of Supply Mohamed Ali Sheikh as saying. Speaking at a press conference at the Ministry of Supply headquarters, Sheikh said that economic reform “will inflict difficulties and we are working to ensure that the burden of reform will be borne by those who are able, not those who are unable.” Egypt has long provided its citizens with subsidized goods, most notably bread, oil and sugar and introduced a “smart card” program in 2013 that works to ration these subsidized goods via an electronic system. The new program was also aimed at closing potential windows for corruption; some bakers selling subsidized bread, for example, would buy flour at the discounted rate and resell it at the regular rate. Sheikh said that the ministry will also be reviewing methods to eliminate wastefulness in the smart card program, including cutting off individuals who have died or emigrated since being added to the program. Meanwhile, Sheikh also said that the Central Bank of Egypt has allocated USD 1.8 billion to secure…
Egypt to Consider Boosting Subsidies to Shield Low-Income Citizens from Hardships of Economic Reform
October 19, 2016
