President Abdel Fattah El-Sisi has signed a law to open an additional budget for the current financial year, which will end in June. The parliament approved the draft law this month to open the additional budget.
In a statement, it was confirmed that "the challenges facing the country due to global crises, including the Russian-Ukrainian war, have caused repercussions and economic impacts that the state is addressing by providing social care packages. This has resulted in a commitment from the state amounting to approximately 165 billion pounds."
In this context, the official exchange rate of the Egyptian pound has nearly halved to about 30.87 pounds per dollar since March, after the Russian invasion of Ukraine revealed weaknesses in the country's public finances.
