The latest allocated state budget is 6x higher than previously set aside in FY 2013/2014
The Egyptian government’s public investments jumped by 50.5% year-on-year (YoY), reaching EGP 289 billion during FY 2020/2021, writes Minister of Finance, Mohamed Maait, said in a statement on Thursday.
The budget set aside for public investments in FY 2021/2022 is EGP 358.1 billion, with public treasury-financed investments increasing 28% YoY.
Despite the pandemic’s challenges, the government succeeded in improving Egypt’s financial performance indicators during the last fiscal year (FY2020/2021), states Maait, highlighting that that state revenues increased by EGP 119 billion during the last fiscal year, an annual increase of 12.2%.
The latest allocated state budget is 6x higher than previously set aside in FY 2013/2014, he added, which reflected the government's commitment to meet the citizen's needs and attract new investments.
Related > A Spotlight on Egypt’s 2021/2022 Budget
Maait recently released state data on FY 2020/2021, announcing that Egypt gained a primary surplus of EGP 93.1 billion (1.4% of the GDP), with the overall budget deficit dropping to 7.4% of GDP, compared to 8% a year earlier.
Taxes saw a 12.8% growth in the last fiscal year, reaching EGP 95 billion. This is despite the pandemic’s effects on economic activities, with a decrease of more than 50% in certain types of tax revenue.
Projects working on digitizing the tax administration system was successful in raising tax collection efficiency, said Maait, in turn reducing cases of evasion, and integrating the informal economy into the formal economy.
This contributed to the collection of the state’s public treasury dues, helping increase tax revenues.