Latest news with #TakafulandKarama
Daily News Egypt
12-06-2025
- Business
- Daily News Egypt
External debt of budget sector falls by $2bn in 10 months: Finance Minister
Finance Minister Ahmed Kouchouk announced that Egypt's external debt related to the budget sector declined by $2bn over the 10-month period from July 2024 to May 2025. He attributed this development to the return of foreign investor confidence, which also contributed to an extension in the average debt maturity to 1.8 years as of December 2024. In a statement issued on Wednesday, Kouchouk noted that Egypt's economic outlook is improving, underpinned by robust private sector activity, which accounted for 60% of total investments during the same period. He highlighted that Egypt achieved its highest primary budget surplus since 2005, reaching 3.1% between July 2024 and May 2025, despite headwinds including a drop in Suez Canal revenues and increased energy sector spending. Despite losing EGP 110bn in Suez Canal revenues and allocating an additional EGP 150bn to support the energy sector, the government remains committed to meeting its fiscal targets, Kouchouk said. He reported a 38% year-on-year increase in tax revenues—Egypt's highest in years—achieved without introducing new tax burdens. Key sectors such as tourism, non-oil manufacturing, and ICT witnessed strong growth during the first half of the fiscal year. On the expenditure side, Kouchouk noted that government spending on health rose by 27% and on education by 23% over the past ten months. The state allocated EGP 95bn for food subsidies—a 37% annual increase—and EGP 30bn for the 'Takaful and Karama' social protection programme, up 24% year-on-year. He added that EGP 11bn was spent on medical treatment at the state's expense, marking a 35% increase, while support for industrial production surged by 128% to EGP 8bn. Exporters also received around EGP 15bn in government support. Kouchouk further pointed to a rise in remittances from Egyptians abroad, which climbed to $26.4bn between July 2024 and March 2025—an increase of 7.82% compared to the previous year.
Egypt Today
11-06-2025
- Business
- Egypt Today
Egypt Achieves 3.1 Percent Primary Surplus Highest Since 2005
CAIRO - 11 June 2025: Finance Minister Ahmed Kouchouk announced that Egypt's state budget recorded a 3.1 percent primary surplus during the period from July to May — the highest since 2005 — despite notable revenue losses from the Suez Canal and the energy sector. Kouchouk emphasized that Egypt's economy is showing clear signs of improvement, with the private sector playing a leading role in the recovery. Over the past ten months, the private sector accounted for 60 percent of total investments, underscoring its growing contribution to national development. The Minister reaffirmed the government's commitment to achieving its fiscal targets, even after absorbing a loss of LE 110 billion in Suez Canal revenues and allocating an additional LE 150 billion in support of the energy sector. He also revealed that Egypt recorded its highest tax revenues in years — a 38 percent increase — without introducing new financial burdens on citizens. Robust performance was noted across several sectors, including tourism, non-oil manufacturing, and information and communications technology (ICT), especially during the first half of the fiscal year. On the social spending front, the Minister reported that healthcare spending rose by an average of 27 percent, while education expenditure increased by 23 percent over the ten-month period. Allocations for subsidized goods reached LE 95 billion, reflecting a 37 percent annual increase. The Takaful and Karama social protection program received LE 30 billion in funding, up 24 percent year-on-year. Additional fiscal support included LE 11 billion for state-funded medical treatment — an annual increase of 35 percent — and LE 8 billion to support industrial production, which grew by 128 percent. Export support allocations totaled approximately LE 15 billion. Regarding debt management, Kouchouk stated that Egypt's external debt tied to the state budget decreased by $2 billion over the past ten months. The average maturity of the debt was extended to 1.8 years as of December 2024. He concluded by highlighting the surge in remittances from Egyptians abroad, which reached $26.4 billion between July and March — an increase of 82.7 percent compared to the same period the previous year, offering a significant boost to Egypt's foreign currency reserves.
Daily News Egypt
10-06-2025
- Health
- Daily News Egypt
Egypt to declare elimination of leprosy, targets ‘zero cases' by 2030
Egyptian Prime Minister Mostafa Madbouly on Tuesday chaired a meeting to review the government's preparations to declare the elimination of leprosy, directing that efforts be intensified to reach a goal of 'zero leprosy cases' and provide care for those who have recovered. During the meeting, Madbouly said the government would be able to eliminate leprosy and declare Egypt free of the disease, following previous public health successes. 'Just as the Egyptian state succeeded, and even became a global leader, in eliminating the Hepatitis C virus, as well as Virus B, malaria, and polio, among others, we will be able to eliminate leprosy and declare Egypt free of it,' Madbouly said. He explained that focusing on health services is a fundamental aspect of achieving sustainable development, stressing the need to strengthen policies that ensure a healthy life for individuals and help recovered patients reintegrate into society. Minister of Health and Population Khaled Abdel Ghaffar outlined the ministry's efforts, explaining that its vision is to 'reach zero leprosy cases by 2030.' He added that the ministry is adopting a methodology consistent with the global approach, based on early detection and treatment of cases through the Leprosy Control Department's 27 specialised clinics, in addition to providing psychological and social support to those affected. Abdel Ghaffar noted that the policy of isolating leprosy patients will be abolished, as the disease becomes non-contagious after the first dose of treatment. 'Leprosy is a skin disease like any other skin disease,' he said. He explained that leprosy colonies have been closed worldwide and that patients currently in the Abu Zaabal and Amreya colonies in Egypt have recovered, with no active cases requiring isolation. They can receive services at any general hospital. He confirmed that the name 'leprosy clinics' will be replaced by 'specialised dermatology clinics.' The Governor of Alexandria, Ahmed Khaled Hassan Saeed, confirmed that the roughly 26 patients at the Amreya colony 'have been fully cured and treated for the complications of the disease and also rehabilitated.' The Governor of Qalyubia, Ayman Attia, explained that patient numbers at the Abu Zaabal hospital are 'dwindling because the hospital is not admitting new cases for hospitalisation due to the change in treatment methods.' Regarding social support, Minister of Social Solidarity Maya Morsi reported that a social survey of patients was conducted, with the majority receiving cash support from the 'Takaful and Karama' programme. She affirmed the ministry's commitment to rehabilitating capable individuals and providing them with suitable employment opportunities. At the conclusion of the meeting, the prime minister directed officials to 'intensify efforts to reach the goal of zero leprosy cases,' and to 'provide full care for the recovered, and the required social cash support.' The meeting was also attended by Deputy Prime Minister for Human Development Khaled Abdel Ghaffar, Minister of Local Development Manal Awad, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny, the governors of Alexandria and Qalyubia, and other relevant officials.
CairoScene
12-05-2025
- Business
- CairoScene
Takaful & Karama Payouts to Rise to EGP 900 Per Person in July
The increase comes as part of Egypt's broader push to expand social welfare coverage, now among the largest in the Arab world. May 12, 2025 Starting July 1st, monthly payments under Egypt's Takaful and Karama social support programme will rise by 25%, bringing individual payouts to EGP 900. The announcement was made by Social Solidarity Minister Dr. Maya Morsy, who also noted that families receiving additional child support and elderly care allowances may see their total benefits reach up to EGP 3,000. The move comes as Egypt ramps up spending on social protection, which now accounts for 9.5% of the country's GDP. The 2024 budget allocates EGP 635 billion to welfare programmes spanning healthcare, education, and direct financial support. The Takaful and Karama programme, which provides income support to low-income families, the elderly, and people with disabilities, has been recognised by the World Bank as the largest of its kind in the Arab world—both in scope and financial scale. This latest increase underscores the government's efforts to shield vulnerable communities amid ongoing economic pressures.
Daily News Egypt
12-05-2025
- Business
- Daily News Egypt
Takaful and Karama a national model to be emulated globally in social protection: Al-Mashat
'Takaful and Karama is a national model to be emulated globally in social protection,' said Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, at a celebration on Sunday marking the 10th anniversary of the cash transfer programme. The event was attended by Prime Minister Mostafa Madbouly. Al-Mashat stated the 2025/2026 development plan allocates EGP 327bn for human development, an annual 22% increase. She noted the World Bank has provided EGP 70bn in development financing for the programme since 2015, with EGP 1.2bn for economic empowerment of beneficiary families. Social protection and human development are government priorities, she added. The celebration was attended by former Prime Minister Ibrahim Mahlab, several ministers including Khaled Abdel Ghaffar and Maya Morsy, as well as Ghada Waly, UNODC Executive Director, and Stephane Gimbert, World Bank Regional Director. Al-Mashat highlighted the programme's reflection of state commitment to social justice and human capital. Government plans until 2027 aim to expand social protection, focusing on female-headed households. The minister underscored Takaful and Karama integrates social protection with education and health. Since 2015, Egypt has mobilised approximately $1.4bn (EGP 70bn) from the World Bank, alongside technical support. The UK also provided a grant to enhance the Ministry of Social Solidarity's capacities. These efforts have reached over 4.6m families and about 17m beneficiaries. Al-Mashat reported 51% of Takaful beneficiary families comply with health conditions, 63% with education requirements, and 100% receive cash electronically. Women constitute 75% of cardholders. Al-Mashat confirmed $25m (EGP 1.2bn) from World Bank funding is for micro-enterprise financing. The 'Foras' (Opportunities) programme also trains beneficiaries. The 2025/2026 budget allocates about EGP 732.6bn for social protection. Human development investments will reach approximately EGP 327bn. Al-Mashat mentioned Egypt presented its Takaful and Karama experience at the 2025 World Bank Spring Meetings, where it was praised. She thanked early contributors Ghada Waly and Nevine El-Kabbaj, and congratulated Maya Morsy. Prime Minister Madbouly honoured Al-Mashat and other ministers for their contributions.
