The Ordinary General Assembly of Egypt Aluminum Company approved the draft estimated budget for the current activity for the fiscal year 2021-2022, with a net profit of LE 138.39 million.
The official elaborated that 94 percent of beneficiaries live in Upper Egypt.
Subsidized drugs include insulin among others.
Egypt’s sustainable development plan for the fiscal year 2021-2022 has allocated L.E. 200 billion for the social initiative “Haya Karima.”
This came during the Finance Minister's presentation of the financial statement on the draft state budget for the fiscal year 2021/2022, before the plenary session of the House of Representatives, on Sunday, headed by Counselor Hanafy Gabali.
The allocations for the implementation of "Decent Life" initiative in FY2021/2022 have been decided to be LE150 billion.
The Ministry of Planning and Economic Development disclosed Monday the prominent features of FY 2021-22 investment plan.
In a statement on Thursday, Finance Minister Mohamed Maait said the ministry issued a financial performance assessment report of the first six months of the 2020-2021 fiscal year.
Egypt's revenues during the first half of the current fiscal year increased by 16 percent on an annual basis, according to Ministry of Finance.
A report issued by Ministry of Finance revealed that wage expenses and compensation for workers increased during the six months to LE 160 billion.
The wage increases for the employees working at the administrative body of the state will cost the state around LE 37 billion in total and the pensions increase will cost the state around LE 31 billion, a presidential statement read.
Minister of Housing Assem Al-Gazzar, who is the Head of the authority, said in a statement, Sunday, that spending from this budget will, during the next fiscal year 2021/2022, to finish, complete and start implementing hundreds of thousands of housing units of all kinds in the new cities.
The financial allocations required to implement the infrastructure for the new waste system were made available in the current fiscal year.
The total investments of budget agencies hiked to LE 102 billion during the period from July to the end of last December, compared to LE 64 billion in the same period of previous fiscal year.
The ministry clarified in the concluding statement of the general state budget for 2019/2020 that tax revenues increased 0.5 percent to hit LE 739.6 billion, compared to LE 736 billion.
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.