Last Night’s Talk Shows on the gov’t lending a hand amid surging inflation
Leading chatter on the airwaves last night was President Abdel Fattah El Sisi’s announcement that another c. 1 mn families will join the flagship Takaful and Karama welfare program. Coming as it does at a time of surging inflation, the move couldn’t have come at a better time, economist Hany Genena told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 13: 31). Genena noted that folks earning EGP 1-3k a month have been particularly hard hit since the slowdown in economic growth that started with the emergence of covid-19 in the spring of 2020.
Financial support > subsidies. The state has in recent years channeled more and more of its welfare spending into direct cash payments to welfare beneficiaries rather than its old practice of making commodities available at subsidized prices. That helps ensure help goes to those who need it most, Genena said. He expects Egypt will continue to see rising prices through year’s end because it takes a while for global price hikes to be translated into the Egyptian market, he added, forecasting that inflation at its peak will be in the 18-20% range.
Also on the airwaves last night:
- The IMF’s growth forecast (global and for Egypt) received attention from Al Hayah Al Youm (watch, runtime: 12:26) and Masaa DMC (watch, runtime: 3:13).
- Some 95-96% of folks getting covif in the current wave are experiencing mild cases, presidential health advisor Mohamed Awad Tag Eldin told Ala Mas’ouleety (watch, runtime: 3:08).