Egypt to raise food subsidies spending by 20% in draft budget – statement

CAIRO: Egypt expects to raise its allocation for food subsidies by 20 percent and for petroleum products by 24 percent in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday, Reuters reported.

The budget forecasts gross domestic product growth at 4.1 percent and inflation at an average rate of 16 percent during the next fiscal year, which starts in July, according to a cabinet statement.