Minister of Finance Dr. Youssef Boutros Ghali has reiterated that the government will file a request to the People’s Assembly to increase credits allocated to food supply subsidies in the budget for t...

Minister of Finance Dr. Youssef Boutros Ghali has reiterated that the government will file a request to the People’s Assembly to increase credits allocated to food supply subsidies in the budget for the fiscal year 2007/2008. The demand will increase subsidies by 4.7 billion pounds bringing the allocated amount to 14.4 billion compared to a previous 9.5 billion pounds. The Minister explained that the increase is meant to challenge the soaring wheat prices, noting that liberating energy prices in accordance with a new policy aimed at pricing electricity and gas will save around 15 billion pounds of energy subsidies over the next three years. Studies are underway to initiate the second stage of the special teachers’ category which will cost between 2.5-3 billion pounds to benefit 15 million teachers in the Ministry of Education and Al Azhar. Ghali announced that the first draft for the insurance and pension law has been completed. (source: Al-Ahrar)