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Thursday, 22 March 2018

Gov’t shores up social protections in new budget ahead of subsidy cuts in July

Gov’t shores up social protections in the new budget ahead of subsidy cuts in July: In the run up to get the FY2018-19 budget, which would include subsidy cuts, the Ismail Cabinet is getting the message across that it is shoring up the social safety net. Public sector employees will receive a wage increase in the coming period, Prime Minister Sherif Ismail tells Al Masry Al Youm. He also announced that a large number of citizens will be joining the Takaful and Karama social welfare programs. Furthermore, next year’s budget includes increase spending on commodity subsidies for the lowest income citizens. He added that these would be explained further when the government presents the new budget to the House of Representatives, which be around 31 March. The new budget targets a GDP growth of 5.8% and a deficit of 8.4% of GDP.

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