Egyptian Finance Minister Mohamed Maait said that the total deficit in the budget for the last fiscal year 2020/2021 amounted to 7.4%, compared to 8% for the previous fiscal year.
During a meeting with President Abdel Fattah El-Sisi, yesterday, Sunday, Maait reviewed a number of financial indicators of financial performance that indicate an improvement in economic growth rates, as the government succeeded in increasing State revenues amounted to 119 billion pounds, with a growth rate of 12.2%, in addition to spending growth at a rate of 9%, in addition to achieving a primary surplus in the budget of about 93.1 billion pounds, or 1.4% of GDP.
Maait explained that Egypt came among the best countries in reducing the debt-to-GDP ratio, despite the Corona pandemic, which affected economic growth rates, revenues and expenses and led to many Countries have led to an increase in debt rates, as Egypt succeeded in raising the efficiency of public debt management by diversifying its domestic and international tools.
Debt to GDP in Egypt also declined from 108% in 2016/2017 to 90.6% by the end of the fiscal year 2020/2021, in addition to the government's success in prolonging The lifetime of the debt from less than 1.3 years before June 2017 to 3.45 years in June 2021, and the cost of debt servicing was also reduced from 40% of total expenditures during the fiscal year 2019/2020 to 36% during 2020/2021, with a target to reach 31.5 of the total Expenditures during the current fiscal year 2021/2022.
The Minister of Finance indicated that the total public investments during the budget of the current fiscal year 2021/2022 amounted to about 358.1 billion pounds, as a result of the increase in investments financed by the public treasury at an average rate. It amounts to about 28% compared to the last fiscal year 2020/2021, in which, in turn, the total implemented government investments amounted to 289 billion pounds, with an annual growth rate of more than 50.5%.
The official spokesman for the Presidency of the Republic, Ambassador Bassam Rady, said that President Sisi directed to continue working to increase financial allocations directed to public investments, in a way that helps enhance the volume of investments to meet Development needs, within the framework of implementing the objectives of “Egypt Vision 2023” in order to lay the foundations for comprehensive and sustainable development.
Al-Sisi also directed to continue maintaining the rates of economic performance in order to stabilize the monetary and economic conditions of the state, while regularly auditing and updating the mechanisms of GDP data governance, not only to determine the Financial performance indicators, but for accurate monitoring of the size of all aspects of the comprehensive development process in Egypt, according to a financial system and integrated work mechanisms that clarify the actual reality of the development process and reflect the economic conditions in Egypt.
