Egypt postpones increase in electricity bills for additional 6 months

Egypt postpones increase in electricity bills for additional 6 months

The Egyptian government decided to postpone the plan to increase electricity prices for households to additional six months ending June 30th 2023, according to an official statement on October 26th.

The decision will add a cost of EGP 1.9 billion to the general budget and bring up the total costs to EGP 3.8 billion for fiscal year (FY) 2022/2023, Minister of Finance, Mohamed Maait, revealed.

Prime Minister, Mostafa Madbouly, announced earlier raising the minimum wage to EGP 3,000 and paying an exceptional bonus of EGP 300 for employees in the public sector and its affiliate companies, as well as pensions.

The exceptional bonus to public sector employees will cost EGP 16.4 billion annually, Maait noted.

Maait unveiled that around EGP 67 billion were allocated to the exceptional social security package, adding that it will be effective as of November 1st.

Moreover, Maait noted that the package would be financed by the reserve allocations of the general budget, which amounts to EGP 135 billion.

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