Revenues
The Egyptian Minister of Finance, Dr. Mohamed Maait, said, in the financial statement on the state’s draft general budget for the fiscal year 23/24 submitted to the House of Representatives.
The Egyptian Minister of Finance, Dr. Mohamed Maait, said, in the financial statement on the state’s draft general budget for the fiscal year 23/24 submitted to the House of Representatives.
The CBE attributed the hike in tourism revenues to the increase in the number of tourist nights by 27.2 percent on an annual basis, to record about 78.4 million nights, and the increase in the number of tourists coming to Egypt by 27.5 percent, to reach about 6.8 million tourists.
The agency showed that the revenues were about L.E. 8.6 billion in the same month in 2022, recording an increase of about L.E. 14.1 billion.
He pointed out that work is being done in the navigational stream continuously, as work is being done on 40 kilometers in the south, which is expected to be completed in 2023, which improves maritime traffic in this part by 28 percent.
Egypt's revenues rose to LE 572.55 billion during the period from July to the end of last December, compared to LE 499.63 billion during the comparative period of the previous fiscal year.
Egypt’s Prime Minister, Mostafa Madbouli, reviewed a comparison of the new Suez Canal between 2014 and 2023.
Maait added Monday during a conference to review the financial performance indicators for the current fiscal year budget (2022/2023) that the unemployment rate fell to 7.2 percent in June 2022 by providing 826,000 jobs.
Since the beginning of this year, the revenues of the Suez Canal have witnessed successive increases, as revenues recorded about LE 11.6 billion in April, compared to LE 8.7 billion in the corresponding month in 2021, with an increase of LE 2.9 billion.
This came despite the absence of tourists from Russia and Ukraine since the outbreak of the crisis between them and the negative effects on the tourism movement.
In a phone interview with the Sada El Balad channel, Rabie noted this year's revenues increased from 10% to 25% compared to 2021, describing the new figures as good and unprecedented in the canal's history.
The total net tonnage increased 18.2 percent or 19.3 million tons, reaching 125.1 million tons compared to 105.8 million tons during July 2021.
Rabie attributed the big leap in the revenues to the increase in the number and tonnage of ships transiting the canal during the fiscal year 2021/2022.
Tax receipts from sovereign authorities increased by about LE 12.3 billion, or 11.8 percent, to reach LE 117 billion during 11 months, compared to about LE 104.7 billion during the same period of the previous fiscal year.
The navigation path pf the Suez Canal received 22 thousand ships this fiscal year compared to 19 thousand ships last year, recording an increase of 15 percent, according to Lieutenant-General Osama Rabie, head of the Suez Canal Authority.
The head of the Suez Canal Authority, Rabie, explained that the positive effects of the Russian war in Ukraine on the Suez Canal are more than the negative, since gas and oil supplies to Europe from the Gulf pass through the Suez Canal.
The IDSC added that the next year's budget targets LE 2 trillion in expenditures.
Egypt aims to achieve tax revenues of LE 1.16 trillion during the next fiscal year, compared to expected tax revenues of LE 983.01 billion during the current fiscal year.
Expenditure on subsidizing food commodities rose to LE 83 billion, compared to LE 80.4 billion in the 2020-2021 fiscal year, with an increase of 3.2 percent, and actual spending on the social protection sector increased by 16.5 percent over the 2020-2021 fiscal year.
President Sisi directed the government to complete all executive procedures of the charitable the Fund of Endowments to optimize its revenues, Rady continued.
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