Sisi's directives come at a time when Egypt is on a pound devaluation watch. Some analysts said a 200 basis point (bps)interest rate hike by the central bank last week may indicate a devaluation is on the way.
The Egyptian pound, fixed at 30.85 to the dollar since March, traded on the black market earlier this month as low as 71 to the dollar.
Sisi also directed the government to raise the tax threshold by 33%, from 45,000 EGP to 60,000 EGP, for all employees in the public and private sectors, the presidency statement said.
The social package included an added increase in the wages of state workers by a minimum ranging from 1,000 to 1,200 EGP per month, as of March as well.
The International Monetary Fund said on Thursday it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment a $3 billion loan is nearing completion.
Egypt has been suffering from a slow-burning economic crisis and chronic shortage of foreign currency and has been in talks with the fund for the last two weeks to revive and expand the loan agreement signed in December 2022.
Its already weak economy has suffered from the Gaza crisis, which dampened tourism and decreased shipping through the Suez Canal, a major source of foreign currency.
($1 = 30.8500 Egyptian pounds)
(Reporting by Mohamed Hendawy; Editing by Kevin Liffey and Philippa Fletcher)
