May 25, 2022
  • May 25, 2022

Egyptian president raises minimum monthly wage to around $172

By on January 18, 2022 0

CAIRO (AP) — Egypt’s president on Tuesday raised the minimum monthly wage to about $172, a move intended to ease the burden on Egyptians affected by painful austerity measures in recent years.

President Abdel Fattah el-Sissi announced in a statement that the minimum monthly wage in the country would be 2,700 Egyptian pounds ($171.5) – a 12.5% ​​increase from the current 2,400 Egyptian pounds ($152). .5 dollars).

He also increased the salaries of civil servants by about 13%. It is the third time el-Sisi has raised the minimum wage since he took office in 2014. The announcement came after the president met with the prime minister, finance minister and others on Tuesday. financial managers to discuss the next budget. Bonuses for school teachers have also been announced.

The statement does not specify when the increases will be applied, but they are expected with the start of the new fiscal year in July,

The austerity measures were part of an ambitious economic reform program aimed at reviving Egypt’s economy, plagued by years of political unrest and violence following the 2011 uprising that toppled longtime autocrat Hosni Mubarak.

The reforms were agreed with the International Monetary Fund in return for a $12 billion loan, which the Egyptian government secured in 2016.

The measures included the floating of the currency, substantial reductions in state subsidies for basic products and the introduction of a wide range of new taxes. They triggered a significant rise in prices and services, which critics say hit the poor and middle class hardest.

According to official statistics, 29.7% of Egypt’s more than 100 million people live in poverty.

El-Sisi repeatedly thanked Egyptians, especially women, for enduring the harsh measures.