Tax & Spend
Egypt Plans 18% Spending Hike With Eye on Wages, Subsidies
Egypt’s more than 107 million people are still reeling from two years of soaring living costs that have outpaced any income growth.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt is set to hike spending by 18% next fiscal year, partly to extend support for the most vulnerable as the North African nation emerges from its worst economic crisis in decades.
The draft budget projects spending at 4.6 trillion Egyptian pounds ($91 billion) for the 12 months starting in July, the cabinet said Wednesday in a statement. Revenues are seen rising 19% to 3.1 trillion pounds.