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The Egyptian government approved a social spending plan to support lower and middle income families after inflation surged to the highest levels in decades following the flotation of the pound.Inflation has surged to more than 30 percent since authorities removed currency restrictions, raised the price of subsidized fuel and introduced value-added taxation last year before securing a $12 billion loan from the International Monetary Fund.Inflation, meanwhile, is seen persisting, with the government expecting it to average 23 percent in the coming fiscal year.
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