Egyptian president vows to raise price of subsidised bread - Punch Newspapers

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Egyptian president vows to raise price of subsidised bread - Punch Newspapers
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Almost a third of Egyptians live below the poverty line, defined as surviving on less than $2 a day, according to the most recent data.

The most populous Arab county devalued its currency amid a raft of austerity measures that sent the prices of everyday goods soaring in 2016 in line with an International Monetary Fund loan worth $12 billion. In June, the Washington-based lender approved Cairo’s request for a loan of $1.7 billion, its final disbursement under a $5.4 billion plan aiding its recovery from the Covid-19 crisis.

“We are serious… and honourable people who have a responsibility for people’s livelihoods, so nobody should tell me not to touch the loaf of bread,” Sisi said on Tuesday. Some Egyptians reacted furiously on social media to his comments, with the top trending hashtag on Twitter being “Anything but the loaf of bread”.

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