Egyptian President Abdel Fattah al-Sisi has instructed the government to increase the tax threshold by 33%, raising it from 45,000 pounds to 60,000 pounds for all employees in both the public and private sectors.

This decision comes on the heels of the Egyptian government’s recent price hikes for various services, including electricity, metro tickets, and telecommunication services, aimed at managing the country’s budget deficit.


As part of a broader social protection package, wages for state workers will also see a minimum increase ranging from 1,000 to 1,200 pounds per month, according to Reuters.

The objective behind these measures is to alleviate the cost-of-living challenges faced by citizens in Egypt, which is potentially bracing for another significant currency devaluation.


Many economists anticipate a devaluation of the Egyptian pound in the first quarter of the year. Notably, Egyptian billionaire Naguib Sawiris has criticized the delay in implementing the much-awaited devaluation.


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Egypt’s economy, already fragile due to various factors including the recent Gaza crisis, has seen a decline in tourism and reduced shipping through the Suez Canal, impacting foreign currency reserves significantly.


The International Monetary Fund (IMF) announced a breakthrough on Thursday, stating that it had reached an agreement with Egypt on the crucial policy elements of an economic reform program. This signals progress toward finalizing a deal to enhance a $3 billion loan.

The agreement entails commitments from Egypt to transition to a flexible exchange rate system, reduce the state’s intervention in the economy, and foster private sector growth.

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However, the disbursement of funds under the program is subject to eight reviews, with the first and second reviews originally slated for the previous year but postponed due to the stable exchange rate.

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and so...Nigerian government should not try any 50% ooo,

Anything less than 300% Will not be accepted

I was thinking the 50% increase news was about Tinubulation Nigeria

Mtchewwww.

IMF should leave Africans alone

They want to give Egypt the poisoned chalice of SAP again

Later they will start saying Africa is an unstable continent

IMF/WB are imperialist agencies to forster Western domination of the World economy.

You will never see them tell US to reduce its debt which is already over 100% of its GDP or eliminate its massive agric subsidies which is x10 of Nigeria's budget

They'll never tell UK to devalue its over-valued pounds or change its obsolete land-holding laws or health insurance system

They'll never tell Norway to reduce its socialist welfare programs

Trust IMF/WB to your peril

Egypt’s economy, already fragile due to various factors including the recent Gaza crisis, has seen a decline in tourism and reduced shipping through the Suez Canal, impacting foreign currency reserves significantly.

When Oct 07 occurred, some stupid Egyptians thought time was set for massive massacre of jews muslims have always fantasized about and quickly killer two Israeli tourists. Now they need tourists to boost income and are feeling the heat.

Kukutenla:
IMF should leave Africans alone

They want to give Egypt the poisoned chalice of SAP again

Later they will start saying Africa is an unstable continent

IMF/WB are imperialist agencies to forster Western domination of the World economy.

You will never see them tell US to reduce its debt which is already over 100% of its GDP or eliminate its massive agric subsidies which is x10 of Nigeria's budget

They'll never tell UK to devalue its over-valued pounds or change its obsolete land-holding laws or health insurance system

They'll never tell Norway to reduce its socialist welfare programs

Trust IMF/WB to your peril

IMF and WB's advise are not entirely bad. They tell what is right they already know you won't end up doing due to attitude problems and that will always enslave you to them.
They tell you remove subsidy but have welfare and subsidy in their own nations. They know we don't have the industrial and technological knowhow to sustain the level of production required to turn the corner but tell us to act as if we about to anyways.
They may tell you, stop petrol subsidy but will hardly profer solutions that will prevent that money from being looted back and taken to advanced nation. Half solution can be a bigger problem at times and that they doing to us.

MrProlific95:
and so...Nigerian government should not try any 50% ooo,

Anything less than 300% Will not be accepted

which is easier to do, to print enough money and pay 300% of current wage or to slap a bag of grain of N100k and say it now sells for N1m?

More money is not the problem. There are politicians buying strategic food item from farms and creating artificial scarcity they can then benefit from later. When govt creates money and begin to pay 300% for same service, the politicians and middlemen collaborators simply smile and adjust in such a way the people start spending their new found "wealth" to buy less than what they could before.

In the end they are back to square one.

DatNiggaDaz:
I was thinking the 50% increase news was about Tinubulation Nigeria

Mtchewwww

Oga if we even see 20% make I naked bath. No be naija again if we were talking about minimum wage for politicians and political office holders I for tell you they go approve even 500% sharply without setting up any committees

Soulsymbol99:


Oga if we even see 20% make I naked bath. No be naija again if we were talking about minimum wage for politicians and political office holders I for tell you they go approve even 500% sharply without setting up any committees

oga, Na sarcasm.
50% under Tinubulation ?

For Nigeria dem dey increase VAT to boost TAX lol

MrProlific95:
and so...Nigerian government should not try any 50% ooo,

Anything less than 300% Will not be accepted

The realistic minimum wage will be between 50 - 70k.
Economy don't have the capacity for 300% minimum wage increase.
If not we will end up few people in work and the vast majority out of work because employers won't be able to pay.
Do you know Many state are not even paying 30k minimum wage and some are still paying the 18k minimum wage.

If at all the increase will be huge....then state should be allowed to determine how much they can pay their workers as their financial positions differ