Direct subsidy, cash financing program help reduce Egypt’s poverty rates by 5.2%: minister ...Egypt

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Direct subsidy, cash financing program help reduce Egypt’s poverty rates by 5.2%: minister
The Finance Minister Mohamed Maait announced that estimates from the World Bank indicate that direct subsidy programs and cash financing have helped reduce Egypt’s poverty rates by 5.2 percent during the 2019/2020 fiscal year. During his review of a recent study by the World Bank on public spending in the budget, Maait added Tuesday that the government took into account social dimensions within its strategy to confront the coronavirus pandemic. According to Maait, the volume of spending on the food commodity subsidy program during fiscal year 2019/2020 amounted to about 1.4 percent of the GDP. Over 1.5 million irregular workers received additional cash transfers (a grant of LE500) per month

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