Several segments of Egyptian society are pinning their hopes on a new social protection package that Egyptian President Abdel Fattah el-Sissi ordered launched yesterday to help the most vulnerable before the arrival of the holy month of Ramadan. In addition to disbursing this month’s salaries to state employees this week with a view to easing the burden on the people, Egyptian Cabinet Spokesperson Mohamed Alhomsani said that the details of this package will be announced at the Prime Minister’s press conference today.
Most needed categories
Al Homsani said the package aims to support the most needy groups, especially the beneficiaries of the “Solidarity and Dignity” program and the social protection umbrella. The aim is to ease the burden of daily life, especially as the month of Ramadan approaches.
He added: “The new measures are in line with the state’s comprehensive vision for economic reform and development, aimed at increasing growth and employment rates and improving the standard of living of the people, while being careful to limit the impact of economic reforms and price increases.”
He noted that the state is stepping up efforts to control the market and prevent unreasonable price increases, stressing that this policy will be implemented within a framework that supports the public and maintains price stability.
IMF review
The launch of the package comes in light of the expected completion of the review of the loan program signed between Cairo and the International Monetary Fund. The Fund included the fifth and sixth reviews of its Extended Credit Facility program for Egypt and the first review of its Flexibility and Sustainability Program on its February 25 board meeting agenda. If the review is approved, Egypt will receive loans worth $2.7 billion.
Last December, the Fund announced that its mandate had reached an expert-level agreement with Egypt for the first review of its “Resilience and Sustainability” loan worth approximately $1.3 billion, as well as the fifth and sixth reviews of its “Extended Loan” program worth $8 billion.
The International Monetary Fund last month raised its forecast for Egypt’s economic growth this year for the first time in three months to 4.7%, expecting the pace of growth to accelerate to 5.4% by 2027, supported by a continuation of the economic reform program and strengthening overall stability.
As various segments of Egyptian society look forward to the new social protection package that Egyptian President Abdel Fattah el-Sissi ordered to be launched yesterday, Egyptian Cabinet Spokesperson Mohamed Elhomsani said that as part of efforts to ease the burden on the population, the new social protection package will be launched this week. Egypt’s Cabinet Spokesperson Mohamed Elhomsani said details of the package would be announced at today’s Prime Minister’s press conference.
the most needy groups
El Homsani said the package is aimed at supporting the most needy groups, mainly beneficiaries of the “Takaful and Karama” program and social protection umbrella. The aim is to ease the burden of life, especially as Ramadan approaches.
He added: “The new measures are in line with the state’s comprehensive vision for economic reform and development, which aims to increase growth and employment rates and improve the standard of living of the people, while working diligently to reduce the impact of economic reforms and price increases.”
He noted that the government is stepping up efforts to regulate the market and prevent unreasonable price increases, and confirmed that this policy will be implemented within the framework of maintaining price stability while supporting the public.
IMF review
The launch of the package comes amid expectations for the completion of reviews related to the loan program signed between Cairo and the International Monetary Fund. The Fund included the fifth and sixth reviews of its Extended Credit Facility program for Egypt and the first review of its Resilience and Sustainability Program on its February 25 board meeting agenda. If the review is approved, Egypt will receive funds worth $2.7 billion.
Last December, the Fund announced that its mission had reached a staff-level agreement with Egypt for the first review of approximately $1.3 billion in Resilience and Sustainability loans, as well as the fifth and sixth reviews of the $8 billion Extended Fund Facility program.
Last month, the International Monetary Fund raised its growth forecast for Egypt’s economy this year for the first time in three months to 4.7%, expecting growth to accelerate to 5.4% by 2027, supported by a continuation of the economic reform program and strengthening overall stability.
