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- Egyptian Minister of Finance, Mohamed Maait, confirmed that the government succeeded in improving financial performance indicators during the past fiscal year 2020-2021, notwithstanding the challenges posed by the pandemic that negatively affected the largest economies in the world
- According to Maait, state revenues grew at an annual growth rate of 12.2 percent during the last fiscal year, with an increase of LE 119 billion. Expenditures increased by 9 percent.
- In the last fiscal year, the primary surplus was LE 93.1 billion, representing 1.4 percent of GDP. This was achieved reducing the total deficit from 8 percent in 2019-20 to 7.4 percent in the 2020-21 fiscal years
Egyptian Minister of Finance, Mohamed Maait, confirmed that the government succeeded in improving financial performance indicators during the past fiscal year 2020-2021, notwithstanding the challenges posed by the pandemic that negatively affected the largest economies in the world.
According to Maait, state revenues grew at an annual growth rate of 12.2 percent during the last fiscal year, with an increase of LE 119 billion. Expenditures increased by 9 percent. In the last fiscal year, the primary surplus was LE 93.1 billion, representing 1.4 percent of GDP. This was achieved by reducing the total deficit from 8 percent in 2019-20 to 7.4 percent in the 2020-21 fiscal years.
The projects of digitizing the tax administration system succeeded in raising the efficiency of tax collection, reducing cases of evasion, and integrating the informal economy into the formal economy. This contributed to the payment of the dues of the state’s public treasury, which helped increase tax revenues, during the fiscal year 2020-2021.
The minister pointed out that the increase in tax revenues came without imposing any additional burdens on citizens. The total government investments implemented during the last fiscal year 2020-21 rose by 50.5 percent on an annual basis. The government investments that were implemented during the last fiscal year amounted to LE 289 billion. That helped speed up the implementation of the goals of Egypt’s Vision 2030.
The financial allocations directed to public investments in the budget for the current fiscal year 2021- 22 increased in an unprecedented manner, reaching LE 358.1 billion, as a result of the increase in investments financed by the state’s public treasury at a rate of about 28 percent compared to the last fiscal year 2020-2021.
