The International Monetary Fund (IMF) has drafted a comprehensive strategy to enhance Egypt’s macroeconomic stability and promote private sector growth in Egypt. The plan outlines four elements, which are monetary and fiscal policy tightening, flexible exchange rate, targeted budget support for households, and balancing the roles of the public and private sectors. In December 2022,
The private-sector minimum wage will rise from EGP 3,000 (USD 97.3) to 3,500 EGP (USD 113.5) by January 2024, according to a social media announcement by the Egyptian Cabinet on 27 October. The wage hike also includes an additional periodic allowance of EGP 200 (USD 6.49). The decision to raise the minimum wage by 17
Egypt’s Cabinet, in partnership with the Central Bank of Egypt (CBE), announced plans to introduce measures to combat the rising cost of essential commodities, according to a Facebook post by the Cabinet on 3 October. The announcement comes days after President Abdel-Fattah El-Sisi directed Minister of Supply and Internal Trade Ali Al-Moselhi to address the
Egypt’s annual inflation showed a slight decline in April, providing tentative relief to an economy grappling with rising prices and a weakening currency. According to a monthly report published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on 10 May, Egypt’s annual headline inflation decreased to 31.5 percent in April from 33.9 percent
The prices of basic commodities distributed through ration cards will increase in the next period, Egypt’s Minister of Supply and Internal Trade, Ali El-Moseilhy announced at a press conference on Sunday, April 30. The minister explained that the government will no longer be able to fund or provide these subsidised commodities due to higher inflation,