Egypt unveils $4 billion support package to ease inflation impact for Ramadan

Government introduces extensive measures for Ramadan, with potential extension

CAIRO, Egypt (MNTV) – Egypt has announced a $4 billion (EGP 200 billion) social support package to help citizens cope with rising living costs, coinciding with the holy month of Ramadan.

Prime Minister Mostafa Madbouly revealed the initiative, which includes pension increases, wage hikes, and expanded welfare benefits, according to Daily News Egypt.

Key measures include a 15% pension increase starting in July and raising the minimum monthly wage for state employees to $138 (EGP 7,000). 

Under the Takaful and Karama social welfare program, cash assistance will rise by 25%, providing additional support to farmers and vulnerable households.

Finance Minister Ahmed Kouchouk highlighted that 5.2 million families enrolled in Takaful and Karama will receive a one-time Ramadan payment of $5.93 (EGP 300). 

Families with ration cards will also get financial aid between $2 and $4, repeated during Eid al-Fitr.

To address healthcare needs, the government has allocated funds to cover all 60,000 state-funded medical treatment cases during March and April.

The support package builds on earlier initiatives totaling $4 billion, including a September 2023 program that raised public sector allowances and a February 2024 increase in the minimum wage by 50% to $100 per month.

Prime Minister Madbouly reaffirmed the government’s commitment to assisting citizens during Ramadan and beyond.

“Exceptional measures will be taken during the holy month and Eid celebrations,” he said.

Finance Minister Kouchouk estimates the two-month cost of the new measures at $790 million, with wage hikes expected to add $1.68 billion to the next fiscal year’s budget.

This initiative underscores Egypt’s efforts to cushion citizens against inflationary pressures and enhance social welfare.