Egypt on Thursday approved a 300% hike in the price of government-subsidized bread.

The price has been raised to 20 piasters ($0.013) from five piasters ($0.0032), the General Federation of Chambers of Commerce, a semi-governmental body, said in a statement.

The price of tourist bread has not been changed and it will continue to be sold for 1.50 Egyptian pounds ($0.096), it added.

The decision comes just days after President Abdel-Fatah al-Sisi said the price of subsidized bread would be hiked to generate funds for a school meals program, amounting to 8 billion Egyptian pounds (over $508 million).

According to the federation’s statement, a large portion of the subsidized bread produced daily in Egypt goes to waste.

Around 25% to 35% of the daily output is used for other purposes such as feeding birds and livestock, the statement said, adding that this “massive waste of state resources” has been going on for a long time.

* Writing by Ibrahim Mukhtar in Ankara

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