Finance Ministry targets reducing budget deficit to LE 415.2B in FY 2021/22

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Wed, 03 Jun 2020 - 04:01 GMT

File - Finance Ministry

File - Finance Ministry

CAIRO - 3 June 2020: The Finance Ministry said on Tuesday it targets to reduce Egypt's total budget deficit to LE 415.2 billion (5% of GDP) in FY 2021/22.

In a statement, the ministry put the targeted total revenues at LE 1.351 trillion and total expenses at LE 1.758 trillion in the budget of FY 2021/2022.

The ministry seeks to increase the tax revenues to hit LE 1.059 billion and decrease interests to reach LE 528.9 billion.

In the 2021/22 budget, wages and workers' compensations are estimated to amount to LE 361.4 billion, the ministry said, adding that it allocated LE 355.3 billion for social benefits, subsidies and grants, and targets investments worth LE 280.9 billion.

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