Egypt’s poverty rate falls by 29 per cent, first ever in two decades

Egypt’s poverty rate has shrunk by 29.7 per cent for the first time in two decades.

The fall was revealed by the Central Agency for Public Mobilization and Statistics (CAPMAS) based on fiscal year 2019/2020, Arab Finance reports.

Poverty line in Egypt, according to the agency, is defined as anyone with a monthly income of less than EGP 857 ($4.5). The FY 2019-2020 figures are higher than the EGP 736 poverty line registered in FY 2017/2018, meaning a decline by 29.7 per cent.

The Arab country has embarked on an ambitious plan to reduce poverty rate by 30 per cent during FY 2020/2021, from 32.5% in FY 2017/2018, Arab Finance notes.