Egypt increases food subsidies

Egyptian President Abdel Fattah Al-Sisi has confirmed that the government will increase the monthly capacity of ration cards which it uses for its food subsidies distribution from $1.16 per person to $2.77 in order to help ease the impact of the hard-hitting economic reforms being undertaken.

In a speech on Tuesday, Al-Sisi said the government has taken several measures to ease the economic pressure the country has been facing since the 2011 revolution and the military coup which brought Al-Sisi to power.

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In addition to improving subsidies, retirement benefits will also rise by 15 per cent while tax exemption eligibility will be broadened.

Egypt has undertaken reforms, including floated its currency in November last year, to enable it to receive a $12 billion loan from the International Monetary Fund.