Poverty rate hits 32.5% in Egypt

Average annual income for an Egyptian family also rose to 59,000 pounds between 2017 and 2018
Poverty rate hits 32.5% in Egypt

Nearly a third of Egyptians live below the poverty line, up from 27.8 per cent in 2015, Egypt’s flagship state-owned newspaper Al Ahram reported on Tuesday, citing official figures.

“The poverty rate has reached 32.5% across the republic for 2017-2018,” the daily quoted the Central Agency for Public Mobilisation and Statistics as saying in a report released on Monday.

The agency specified the poverty line as an income of 8,827 Egyptian pounds ($533 a year, or around $1.40 a day).

It said the average annual income for an Egyptian family had risen to 59,000 pounds for the same period.

The latest poverty figures come as Egypt prepares to receive the final $2 billion tranche of a $12 billion loan package negotiated with the International Monetary Fund in 2016 in return for a strict austerity programme.

Your Friends Also Read:  Air Senegal acquires Africa’s First Airbus A330neo

The Washington-based financial institution approved the tranche last week saying Egypt’s economic outlook had “improved markedly since 2016”.  

Since President Abdel Fattah al-Sisi took office in 2014, his administration has imposed sweeping economic reforms, floating the Egyptian pound and slashing state subsidies for basic goods and services.

The economy took a battering in the immediate aftermath of the Arab Spring revolution that ousted longtime autocrat Hosni Mubarak in 2011.

Direct foreign investment has grown to record levels but both household costs and the national debt have ballooned since the pound was floated in November 2016 leading to a sharp depreciation.

Egypt raised fuel prices again earlier this month in its latest round of subsidy cuts. 

Your Friends Also Read:  Business Edge | Analysis of Terra Luna Crash and $40B Loss

The hike followed the government’s raising of electricity rates by 15 per cent in May.


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article
Unemployment rate hits 295 in South Africa

Unemployment rate hits 29% in South Africa

Next Article
Students' death during rally stalls Sudan army-protesters talks

Students' death during rally stalls Sudan army-protesters talks

Related Posts
Powered by Live Score & Live Score App