Egypt today announced a USD 2.49 billion package of income tax discounts, bonuses for state employees, increased pension payments and cash subsidies for lower and middle income Egyptians to cope with soaring inflation.<br/>'<br/>According to a Cabinet statement issued in Cairo, the package will go into effect July 1, the start of the fiscal year. The measures are partially designed to defuse discontent over steep price hikes resulting from reforms introduced in November, including floatation of the Egyptian pound, the introduction of value added tax and partial lifting of subsidies on fuel.<br/>'<br/>With presidential elections due a year from now, President el-Sissi risked his once sweeping popularity when he introduced the reforms. He has not said whether he would run for a second, four-year term, but he most likely would.<br/>'''''<br/>