Egypt will raise its stimulus package to E£29.665bn ($4.3bn), from the previous E£22.3bn ($3.2bn) announced in August to revive the economy (MEES, 30 August), Finance Minister Ahmad Jalal told reporters on 21 October. Mr Jalal said that the current budget law will be amended accordingly to reflect this increase in expenditure, noting that the total package will now broadly be made up of E£20.1bn ($2.9bn) for government investments and E£9.6bn ($1.4bn) for subsidies, grants, and wages and pensions.

More specifically the extra allocation is earmarked for the settlement of obligations to contractors and importers, support for industries in trouble, restructuring of public sector companies, housing development, maintenance of power grids, extension of the gas network to 800,000 housing units, development of parts of Sinai and boosting the health ministry’s budget. (CONTINUED - 367 WORDS)