Revenues
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.
Rabie, said Saturday, that the navigation statistics in the canal during the first quarter of 2022 recorded a remarkable increase in the number and tonnage of ships transiting the canal, and it has not been affected so far by the repercussions of the Ukrainian-Russian crisis.
The Ministry indicated, in a report issued, Sunday, that the total revenues of the localities portal amounted to about LE 23.383 million, with a number of 3,684 transactions.
Rabie said that revenues amounted to $545.5 million (not including navigation services) during February 2022, compared to $474.1 million during the same month last year, marking an increase of $71.4 million.
Egypt achieved $2.83 billion in tourism revenues during the period from July to the end of last September, compared to $801 million during the same period in the previous fiscal year.
Maait said, Tuesday, that tax revenues rose by an annual growth rate of 15.7 percent during the period from July to the end of last December, compared to the same period of the last fiscal year.
These indicators enable the state to provide allocations for improving wages and rewarding workers, as well as providing sufficient funds to improve infrastructure, as well as reducing the deficit and achieving debt targets.
The Egyptian Suez Canal Authority is considering granting reductions in transit fees ranging from 10 to 20 percent for ships that comply with environmental standards.
Rabie clarified that the revenues during 2021 hiked by 12.8 percent, or $720 million, compared to $5.6 billion during 2020.
The navigation statistics in the Suez Canal recorded unprecedented records during October 2021, achieving the highest monthly tonnage in the history of the canal, amounting to 112.1 million tons, according to head of the Suez Canal Authority, Osama Rabie.
The head of the authority said in a statement, Wednesday that the rate of increase in revenues amounted to 12.6 percent.
El-Said explained that the output of the Suez Canal will thus rise from LE 93.9 billion in 20-2021 to LE 99.3 billion in the year of the plan, exceeding the output achieved before the outbreak of the Corona pandemic in 18/2019.
The media center at the Egyptian cabinet denied baseless information circulated in a video claiming that the new Suez Canal has not achieved any increases in the canal’s revenues.
The official pointed out that the Suez Canal accomplished revenues worth $530.7 million in FY2020/2021 with a hike of 20.7 percent.
Maait said in a statement Thursday that state revenues grew at an annual growth rate of 12.2 percent during the last fiscal year, with an increase of LE 119 billion, and expenditures increased by 9 percent.
Maait also noted Expenditures also rose by 9 percent, in addition to achieving a primary surplus in the budget of about 93.1 billion pounds, or 1.4 percent of GDP, while reducing the total deficit from 8 percent to 7.4 percent.
Currently, the company is working towards the target of producing 400,000 and 430,000 gold bars by the end of 2021.
The net tonnage transiting the canal during the first half of 2021 increased by 3.8 percent, by 610.1 million tons during the first half of the current year, compared to 587.7 million tons during the same period of last year, with an increase of 22.4 million tons.
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