Egyptian President Calls for Revamp of Costly Subsidy System

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CAIRO (Capital Markets in Africa) – Egypt’s president on Saturday said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the population.

Speaking at the inauguration of a state housing project, Abdel-Fattah El-Sisisaid that the lack of sufficient digitization of data in Egypt has, over the years, opened the door to a misallocation of state resources. That’s led to a measure of corruption, he said.El-Sisi has been spearheading an expansive overhaul of the economy, tackling everything from infrastructure to subsidies. The president said that his push to digitize the program is aimed at ensuring that those on the ration card roster are the neediest. 

The president has earlier called for a revision of the bread subsidy system, though no amendment to that program has yet to be introduced. 

Source: Bloomberg Business News

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