Egypt’s parliament approved a 10 per cent raise on military and civilian pensions, which comes into effect this month, marking the seventh rise in three years.

The country’s assistant finance minister said pensions for the fiscal year 2016/2017 amounted to around 170 billion Egyptian pounds ($19.1 billion).

He added that this year’s 10 per cent raise will amount to around 15 billion Egyptian pounds ($1.7 billion), noting that the rise will increase the government’s budget deficit.

Source: middleeastmonitor.com