In response to recent price hikes, the Egyptian Prime Minister announced on Wednesday a rise in the minimum monthly income of 300 pounds (15. 20 USD).
In a press conference, the prime minister, Mustafa Madbouly, declared that the minimum salary would rise from 2700 Egyptian pounds to 3000 pounds (more than 152 USD) (137 dollars).
Since President Abdel Fattah El-Sisi entered office in 2014, the minimum wage has increased four times, the most recent being this one.
The administration is currently facing significant financial and economic difficulties brought on by the Korona virus and the Russian invasion of Ukraine.
Additionally, the prime minister promised an increase in pensions and bonuses for government workers of 300 pounds (15.25 USD).
Additionally, he stated that the government would not increase the cost of electricity until June of the next year.
Without giving further details, Madbouly continued by saying that he would also provide some of the businesses hit by the world economic crisis cash support.
Madbouly did not provide any additional information, just stating that some modifications would take effect right away and others would require approval from Parliament.
He claimed that the actions taken on Wednesday are intended to lessen the difficulties Egyptians who are suffering as a result of the current economic crisis.
Since the government started on its ambitious economic reforms, the Egyptian people have already endured terrible austerity measures.
The Korona virus and the war in Ukraine, which shook global markets and caused high oil and food prices worldwide, badly hurt Egypt’s economy.
The majority of Egypt’s wheat imports, which are among the largest in the world and come from Russia and Ukraine, are influenced by variations in the price of wheat on the world market.
Recently, the Egyptian pound hit a low value versus the US dollar as it traded at 19.7 pounds to the dollar.
Egypt has increased the minimum salary to 3,000 pounds.
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