CAIRO, June 22 (MENA) - The Egyptian economy has shown a good deal of resilience despite global crises that led to supply chain disruptions and soaring prices of staple commodities and food products.

Ever since President Abdel Fattah El Sisi took the helm in 2014, the government has embarked many reforms that put the national economy on the right track by contributing to economic growth, creating more jobs, and engaging the private sector a principal in national development, regardless of complex economic crises as well as regional and international geopolitical tensions.

The ministry of finance adopts a bold strategy to put budget deficit and the debt-to-GDP ratio on a downward path, while dedicating 50 percent of revenues of the government's initial public offering (IPO) program to reduce the debt of the budget bodies in a direct manner.

After a five-fold increase in monthly minimum wage, from EGP 1,200 to EGP 6000 in 2024, the ministry said wage allocations will be increased to EGP 573 billion in the FY 2024/2025 to cover the recent pay raise package, which has been in effect since March.

Meanwhile, the state raised the exceptional cost of living allowance from 300 in 2022 to EGP 600 in 2023. (MORE)

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