(MENAFN) In a statement released on Tuesday, Egyptian Finance Minister Mohamed Maait announced plans to allocate over 125 billion pounds (USD2.66 billion) towards supporting bread in the upcoming 2024-2025 budget. Additionally, Maait disclosed that more than 147 billion pounds (USD3.13 billion) will be designated to support petroleum products in response to the recent surge in global oil prices and the effects of exchange rate fluctuations.

The allocation of funds underscores Egypt's proactive approach to addressing key challenges in its economy, particularly in light of its status as one of the largest wheat importers globally. Moreover, the country's reliance on imported fuel and other essential food items further accentuates the significance of these budgetary provisions.

The fiscal year in Egypt typically commences in July and concludes in June of the following year. Against the backdrop of ongoing economic pressures, including a foreign currency crisis, budgetary deficits, and imbalances in the balance of payments, the government has taken decisive steps to mitigate the impact on its citizens.

Minister Maait emphasized the government's commitment to social protection programs, with a total allocation of 596 billion Egyptian pounds (USD12.67 billion). Notably, a substantial portion of these funds, amounting to 134 billion pounds, will be specifically earmarked to bolster food supplies, reflecting Egypt's prioritization of ensuring food security for its population amidst economic challenges.

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