Egyptian government borrowing volume reaches LE 2.5T in 7 years

BY

Mon, 17 Sep 2018 - 12:19 GMT

FILE - Minister of Finance Mohamed Ma'it

FILE - Minister of Finance Mohamed Ma'it

CAIRO – 17 September 2017: The borrowing volume of the Egyptian government during the last seven years reached LE 2.5 trillion, according to Minister of Finance Mohamed Ma’it.

Ma’it said the time of repayment has come, referring to the importance of lowering deficit and debt rates.

The 2018/2019 budget aims to record a budget deficit of 8.4 percent, or LE 438.58 billion, down from 9.7 percent estimated for 2017/2018.

He also said that tax yields represent 14 percent of domestic product, expressing the desire to raise it to the international levels.

Finance Minister Ma'it added that raising tax yields to global levels require reforms of tax policies, including implementing a number of tax regulations.

“Around 100,000 tax disputes have been enclosed,” he said.

According to the minister, the ministry has launched a global tender for automating the work cycle within the Egyptian Tax Authority.

The Egyptian economic reform program succeeded in reducing total deficit rates to about 9.8 percent of GDP on June 30 and aims to reduce the deficit to 8.4 percent during the current fiscal year.

Taxes and tariff yields allocate LE 770.3 billion to the new budget’s revenues, which are projected to reach a total of LE 989.2 billion.

Tax revenues in 2017/18 reached LE 248.8 billion, Ma’it said earlier.

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