budget
According to the budget, a total of 5 billion pounds were allocated to bear the financial burdens resulting from the reduction of electricity prices for the industrial sector.
Minister of Transport Kamel al-Wazir made the statement Wednesday.
The Egyptian government's keeness to empower and involve women has been reflected in the financial statement for the new fiscal year 2022/2023, as plans are underway to implement activities to empower girls and women in the poor villages listed in Haya Karima initiative.
The minister's remarks were made during a Cabinet meeting held Thursday under Prime Minister Moustafa Madbouli.
The value of the debt service bill decreased to 32.8 percent in the last fiscal year, compared to 35.8 percent in the previous fiscal year, the data revealed.
Spending on subsidies, grants and social benefits rose by about LE 33.2 billion to reach LE 264.8 billion within 11 months, and spending on subsidizing food commodities increased by LE 12.7 billion to reach LE 83 billion during the period of the study.
More than 446 billion pounds has been allocated to economic, social and cultural rights
The budget reflects boosting social protection for the more damaged sector to contribute to decreasing the negative effects of war in Europe so that the state shoulder the biggest burden from the citizens, he said.
As per the law, passed by the House of Representatives, public expenditures for the FY 2020-21 stood at approximately LE 1.6 trillion while the state's revenues hit nearly LE 1.1 trillion
The official pointed out that the pilot phase – implemented in 2019 - targeted the poorest 375 villages.
The IDSC added that the next year's budget targets LE 2 trillion in expenditures.
The government is working to extend the life of the debt to reach 3.6 years by the end of June 2023 instead of 3.5 years expected by the end of next June and about 1.3 years in June 2013.
Tax revenue also increased by 12.8 percent, in addition to maintaining the budget's achievement of a primary surplus, according to Minister of Finance Mohamed Maait.
Madbouli added that President Sisi made it clear that the state was able, with good and proper planning, to supply sufficient reserves of goods, which enabled the Egyptian state to absorb and deal with this unprecedented crisis.
While checking the FY2022/2023 draft budget, President Abdel Fatah al-Sisi instructed the government to immediately prepare a bundle of financial and social protection measures.
While Deputy Minister of Finance for Fiscal Policies Ahmed Kouchouk said that the Finance Ministry’s transparency and social engagement unit had organized an “active citizenship club” initiative to ensure effective and sustainable communication among all social strata, especially youths.
“The state budget is capable, and Egypt achieved growth rates that exceeded all expectations,” he added.
The budget for the current fiscal year will end on June 30, 2022.
Maait elaborated during his meeting with members of the British Egyptian Business Association, that the increase of green investments comes in order to improve Egypt's competitiveness in the Environmental Performance Index.
Maait elaborated that Hayah Karima is the largest project and one of the best development programs in the world, as it contributes to recording real growth that is more diversified and comprehensive and has an impact on people’s lives.
