|10-22-2014, 09:44 PM||#1|
Egypt plans new cash benefits for next year
Egypt continues on surviving at a slow gradual pace since the political turmoil and plans to introduce new cash benefits for next year as part of government efforts to minimize the impact of subsidy cuts on the poor and effort to expand social equality.
The new cash transfers to be implemented will offer the next phase of subsidy cuts to reduce a budget deficit that exceeds 10 percent of GDP.
The initial phase of the two schemes would target about 2 million people in Upper Egypt, the impoverished rural south of the country, at an initial cost of 2.5 billion Egyptian pounds ($350 million).
"We hope to start sometime end of November, early December registering newcomers to the programme," said Minister of Social Solidarity Ghada Wali
The country remains swallowed by a system filled up with corruption, huge lack of transparency and big gap between the rich and the poor.
Further chaos was created after President Abdel Fattah al-Sisi`s government raised fuel prices by up to 78 percent shortly after he took office in June.
However the new Canal Suez project along with several new mega ventures is taking place to support Egypt`s growth and transition phase
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