Egypt increased social support as the currency reached a record low

The Egyptian pound dropped to an all-time low of over 19 to the dollar, it has not fallen so sharply since December 2016.
In late March, Egypt's currency depreciated due to inflation, which lost 18% of its value overnight. Foreign currency reserves fell over $ 7 billion in April and May to be at $ 33.4 billion at the end of June.
In Egypt, one-third of the population living below the official poverty line is scuffling with inflation of 15%, and most of its wheat imports came from Russia and Ukraine but Ukraine's invasion in February sent global prices soaring.
Egypt also requested a new loan from the International Monetary Fund., which will add to an already sizeable foreign debt equivalent to 90% of GDP.
Egypt will add 1 million families to a social safety net program that provides cash transfers, bringing the total number of beneficiaries to over 20 million.
The "Solidarity and Dignity" program started in 2015 with World Bank funding in which payments to families start at 350 Egyptian pounds ($18.50) per month and are conditioned on children's school attendance.
Families with married children before the age of 18 are excluded from the program, and 9 million needy families will also receive separate, exceptional aid over 6 months, for 1 billion Egyptian pounds ($53 million) per month.

Previous Next