Egypt’s Finance: EGP 2.5 Bln For Financing July Allowance With 10%

Ahmed Galal, the new Egyptian Finance Minister, said the government has approved EGP 2.5 billion for financing social allowance for the workers in the country of the fiscal year of 2013-2014.

The Minister has emphasized during the press conference today that it was decided to exchange 10% allowance and 6.2 million employees will make the best use of this decision, otherwise millions of employees in the private sector, stressing that the Ministry will be issued within days the exchange rules so as to be paid with the salary of the next August retroactively.