The spending on subsidy in state budget reached EGP 324.4 in fiscal year (FY) 2017/2018 compared to EGP 276.7bn in FY 2016/2017, of which EGP 81bn for ration goods and bread subsidy, according to Minister of Finance Mohamed Maiet.
Maiet said that the government’s subsidy program for food commodities witnessed the largest increase in allocations of 69.3% to rise to about EGP 80.5bn in the FY 2017/2018 compared to EGP 47.5bn in the FY 2016/2017.
Maiet explained that allocations of Takaful and Karama pension increased by about EGP 10bn to record about EGP 17.5bn compared to EGP 7.5bn in FY 2016/2017. Furthermore, the contribution of the public treasury to pension funds increased by 16.1% to reach EGP 52.5bn compared to EGP 45.2bn in FY 2016/2017, and the number of beneficiaries of Takaful and Karama pension increased.
Moreover, spending on support, grants and social benefits increased by 17.2% to reach EGP 324.4bn.