Mohamed Maait
Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.
It is part and parcel of a national project to build a comprehensive digital administrative system, the minister said.
Maait called on the customs officials to continue their duties and facilitate the procedures in a way that beefs up investments.
These indicators come in the ministry’s plan to gradually improve the economic indicators in the economic indicators.
Egypt will receive the last tranche of its $5.2 billion loan from the International Monetary Fund (IMF) before the end of June, Minister of Finance Mohamed Maait suggested in remarks to Egypt Today.
Maait noted that the state recorded an initial surplus of LE 48 billion during July-April period despite the negative repercussions of the Corona crisis on economic activity, referring to the provision of additional financing of LE 31 billion for the implementation of projects.
The Egyptian Minister of Finance Mohamed Maait, confirmed Tuesday, that the reduction of debt is greatly reflected on citizens in improving their daily lives, increasing investments, creating job opportunities and improving the services provided to them at the level of the Republic.
Minister of Finance clarified that this comes as a result of the expansion of development investments that reflect the success of the state, in achieving a balance between preserving the health of citizens and turning the wheel of the national economy.
The minister hailed cooperation with the Egyptian Customs Authority with regard to implementing the ACI system.
The minister said that the general budget and governmental accounting laws, which govern the Egyptian financial performance, had been merged into the unified general finance law after amendments.
Maait added in a TV interview that more than LE 100 billion has been spent to support the sectors affected by coronavirus.
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.
This came within the framework of the national project for upgrading and mechanizing the customs administration.
He also hoped that the Egyptian-Sudanese joint economic committee would exert more efforts to remove all trade barriers.
Maait said the budget deficit decreased to stand at 7.9 percent of Gross Domestic Product (GDP), while the initial surplus was put at 1.8 during fiscal year 2019/2020.
The government aims to continue expanding modern financing tools in the field of sustainable development.
Finance Minister Mohamed Maeit said the State's general budget repaid EGP 288 billion to the National Organization For Social Insurance (NOSI) in 21 months upon directives of President Abdel Fattah El Sisi to settle the financial entanglement with the organization.
Delivering a speech at Bt100 Awards ceremony, Maait said the economic reform program contributed to enabling the state to adopt a flexible policy in facing the severe economic implications of the pandemic, supporting the most harmed classes and advancing national economy.
The minister cited reports issued by international economic institutions about Egypt’s economy and their optimistic and positive outlook on Egypt’s economic performance for the coming years.
Egypt’s Minister of Finance Mohamed Maait tested positive for Coronavirus, Thursday.
