A final deal worth $ 3 billion for a duration of six months has been announced by the International Monetary Fund with Egypt.
“Cooperation between the Fund and Egypt to find structural amendments to the total economy, noting that the funding program for Egypt aims to confront the repercussions of the global financial crisis,” said Ivana Holler, head of the International Monetary Fund mission to Egypt.
This occurs shortly after the Egyptian Central Bank’s decision to establish a flexible exchange rate for the Egyptian Pound in exchange for foreign currencies in accordance with the supply and demand mechanism and to abruptly hike interest rates by roughly 200 points.
According to Reuters, Egyptian Prime Minister Mustafa Madbouly stated that his country would get 3 billion dollars from the IMF, 1 billion from the Sustainability Fund, and roughly 5 billion from partners and other international organisations.
According to the Egyptian Finance Minister, Egypt would receive 9 billion dollars in total financing.
In a different context, the Egyptian Finance Minister Mohamed Moait reportedly stated today, Thursday, that 67.
As in the next month, an extra social protection package totaling 3 billion pounds will be implemented, including an increase in the minimum wage.
Prime Minister Mustafa Madbouly announced yesterday, Wednesday, the government’s approval of the new social protection package, which includes the approval of an exceptional bonus of 300 pounds per month for all employees of the administrative apparatus of the country and its affiliated companies.
The country’s minimum pay has increased from 2700 pounds to 3000 pounds per month thanks to excellent bonuses given to workers and employees.
The package also includes the approval of 300 pounds, an exceptional monthly grant for pensioners and those who are entitled to them, at an annual cost of 32 billion pounds and 300 pounds of exceptional grant for about 1. 5 million people in irregular employment, with a total cost of the Ministry of Manpower.
According to Moait, the exceptional high cost of living allowance for employees and state employees who are addressees and non-addressees of the Civil Service Law, which is number 4, is $40,000 per year. 6 million workers is equal to 16. 4-billion-pound range.
Moait brought up a draught law that would increase the annual cap on tax exemptions for all employees in the public and private sectors by 25%, from 24,000 to 30,000 pounds, at a cost to the public coffers of roughly eight billion pounds annually. This would reduce the monthly income exemption from taxes to 2,500 pounds per month.
Egypt receives 3 billion dollars from the International Monetary Fund as part of a loan package.
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