In one of the 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance Mohamed Mait displayed figures on the performance of the Egyptian economy during the COVID-19 crisis and plans for the future.
The government plans to invest LE3.5 billion in FY2020/2021 in the construction works of the first phase of the fourth metro line.
The aim of such investment is creating job opportunities, and inhibiting economic slowdown amid the COVID-19 crisis.
The total deficit during the 11 months ended in May represented 6.5 percent of GDP compared to about 6.2 percent of GDP during the same period in the previous year.
The law was published on the Egyptian Gazette Wednesday. The first article of the law stated that the uses of the state budget for the fiscal year 2020/2021 were estimated at LE 2.297 trillion.
The government is ready to take all measures and make decisions needed to limit the negative impact of that pandemic on the Egyptian economy, Ma’it said.
Reaping the fruits of national economic reforms alongside the easing of the economic repercussions of the novel coronavirus are the key features of the 2020/21 budget.
Gamil also pointed out that there are many measures taken by the Egyptian state to advance the health system.
A total of LE 682.5 billion was allocated for the sectors of health, education and scientific research, compared to LE 545 billion in the FY 2019/20.
The government aims at delivering natural gas to 1.2 million households, which in turn could contribute to reducing the government's subsidy for butane gas cylinders.
These allocations represent the costs borne by the state to support the low-income strata who are benefiting form the social housing program.
“Total expenditure in the 2020/2021 budget is planned to hit about LE 1.713 trillion, compared to LE 1.574 trillion in the 2019/2020 budget,” the ministry stated.
Madbouli added that the state was keen to alleviate the burden off the Egyptian citizen during the coronavirus crisis.
Egypt’s budget for fiscal year 2020/2021 will be affected by COVID-19 pandemic especially with regard to revenues and growth rates, as well as an increase in the item of expenses.
Private investments are worth LE6.9 billion in Egypt's ICT sector in FY2020/2021.
There is a LE2-billion increase compared to the current fiscal year.
The ministry plans to raise the coverage of the water supply network, and 500,000 social and middle-income housing units will be built across the country.
House Speaker Ali Abdel Aal said the final vote will be held Wednesday during the plenary session.
The draft budget that is the biggest in the country’s history comes with expenses of 1.71 trillion and revenues of LE 1.3 trillion, according to Ma’it's previous announcement.
Ma’it clarified Monday that 20/21 draft budget reflects the directions of the political leadership to improve the standard of living of citizens.