FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo
CAIRO - 10 February 2021: Finance Minister Mohamed Maait said on Tuesday that indicators of the state budget were balanced and positive during the first half of the 2020/21 fiscal year despite the negative impact of the novel coronavirus on global economies.
The government managed to achieve an initial surplus of LE14 billion as a result of expansion in investment and development projects, the minister told a webinar organized by Cairo University.
The total revenues of bodies covered by the state budget increased by 16 percent during the first half of this fiscal year to LE 453 billion, while their total expenditure rose 9.9 percent, the minister noted.
He added that the national economic reform program contributed to enabling the state to overcome internal and external challenges and boost the Egyptian economy's resilience to face the negative impacts of the Covid-19 pandemic.
Maait pointed out that the ministry is currently working on automating governmental services to provide high-quality services for citizens and increase the state's tax revenues.
The total tax revenues increased by 10 percent during the first half of the current fiscal year to record 334 billion pounds compared to LE 304 billion during the same period in the previous fiscal year, he noted.