(2 minutes read)
· Egypt aims to increase revenues by between 13 percent and 15 percent for the next fiscal year 2022-23
· This was stated by Deputy Minister of Finance for Financial Policies, Ahmed Kojak
· He said that those indicators enable the administration to provide allocations for enhancing wages and rewarding workers, as well as providing sufficient funds to improve infrastructure, as well as reducing the deficit and achieving debt targets
Egypt aims to increase revenues by between 13 percent and 15 percent for the next fiscal year 2022-23. This was stated by Deputy Minister of Finance for Financial Policies, Ahmed Kojak. He said that those indicators enable the administration to provide allocations for enhancing wages and rewarding workers, as well as providing sufficient funds to improve infrastructure, as well as reducing the deficit and achieving debt targets.
Egypt aims to achieve economic growth in the draft budget for the fiscal year 2022-23, by about 5.7 percent. It aims to reduce the debt ratio to less than 90 percent of GDP during the next fiscal year. In the meantime, Egypt raised its forecast for the public budget deficit in the 2022-23 fiscal year to 6.3 percent from a previous forecast of 6.1 percent. It is also expected to achieve a primary surplus of 1.5 percent in 2022-23.
In the meantime, as reported by www.trendsnafrica.com, Egyptian President Abdel Fatah El-Sisi decided to increase the minimum wage by 13 percent to LE 2,700, from LE 2,400 currently. Thus, the wages item in the new budget will increase to about LE 400 billion, from the LE 361 billion estimated in the current 2021-22 budget.
