Protecting low-income citizens costs
Prime Minister Sherif Ismail
Cairo - MENA
Deputy Finance Minister Ahmed Kogak said on Thursday the economic reform program aims to reduce public debt and guarantee that subsidy reaches those who deserve it.
At a press conference at the cabinet headquarters, he pointed out that during the implementation of the program, the government was keen to protect low-income citizens with a number of measures at a cost of EGP 85 billion.
The measures include increasing pensions and per capita share for ration cardholders and land taxes, he said.
The new budget reflects the government’s economic reform program and aims to cut the budget deficit to reach 9.1 percent, he further said.
He also pointed out that the primary surplus will reach about EGP 11 billion.
Meanwhile, Prime Minister Sherif Ismail noted that subsidy means the difference between the cost of providing products and its selling price in the local market, adding that it has no connection with world prices.
Source: MENA
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