ArabFinance: The Egyptian government aims to reduce the poverty rate to 30% during the current fiscal year (FY) 2020/2021 budget from 32.5% in FY 2017/2018, Minister of Planning and Economic Development Hala el Said announced in an August 24thstatement.

El Said added that Egypt plans to reduce the extreme poverty rate to 5%.

The government has allocated EGP 8 billion to fight poverty in 357 villages across the country under Hayah Karima (A Decent Life) initiative in FY 2020/2021 budget, the minister added.

Earlier this year, the government announced its plans to allocate EGP 1.66 billion to execute several developments under the initiative.

El Said elaborated that the current budget will cover 11.8 million people with cash subsidies while increasing the number of households benefiting from the subsidies to 2.95 million.

She noted that the country intends to reduce the illiteracy rate to 22% in FY 2020/2021, compared to 25.8% in FY 2017/2018.

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