Egypt finance ministry raised the funding for its social protection programs by 48% to 529.7 bln Egyptian pounds (USD 17.1 bln) for the FY24 from EGP358.4b in FY22 to ease the burden on citizens from the global inflationary wave that pushed up prices of basic goods. The budget has allocated 119.4 bln pounds to fuel subsidies, and food subsidies will rise to 127.7 bln. Egypt’s inflation rate rose to 32.7% YoY in March, the fastest in almost six years, while food prices have also escalated in tandem with the devaluation of the Egyptian pound.