The Egyptian government estimated the total deficit in the new budget at about one trillion and 975 billion pounds (the dollar equals approximately 15.75 pounds), after the rise in net borrowing to 432.09 billion pounds, borrowing and issuing securities (other than shares) to 987.66 billion pounds, and repaying domestic and foreign loans to 555.56 billion pounds.
Debt interest accounted for a large part of the expenses item in the budget for the new fiscal year 2020-2021, at 566 billion pounds, out of one trillion and 713 billion pounds earmarked for expenditures, compared to one trillion and 288 billion pounds expected for revenues, with an initial deficit (without calculating debt interest) of 425 One billion pounds.
According to the financial statement of the budget sent by the government to the Parliament, the budget project aimed to increase the tax section from 856.61 billion pounds in the fiscal year 2019-2020 to 964.77 billion pounds in the 2020-2021 budget, an increase of 108.16 billion pounds, which means a significant increase in the proportion of taxes collected from citizens.
Revenues in the new budget included about 321.76 billion pounds for other (non-tax) revenues, and two billion and 209 million pounds for grants, while expenditures included an increase of 33.9 billion pounds in the wages and compensation section for workers in the state, which rose from 301.1 billion pounds to 335 billion.
Source (New Arab newspaper, Edited)
