Egypt raises military pensions amid austerity measures

Egypt's Preside6/24/2018 3:03:23 PMnt Abdel-Fattah el-Sissi has raised pensions for military personnel and salaries for civil servants by 15 per cent amid a wave of price hikes linked to austerity measures.

The raises, published late yesterday in the official gazette, will take effect on July 1. El-Sissi, a retired general, has raised military pensions several times in recent years.

In recent days the government has raised the price of fuel, drinking water and electricity as part of a reform program tied to a three-year, USD 12 billion bailout loan from the International Monetary Fund, which Egypt secured in 2016.

The tough measures have hit poor and middle-class Egyptians especially hard. El-Sissi has urged Egyptians to be patient as the reforms take effect.