The Egyptian Ministry of Finance maintained the forecasts of the 2020/2021 Budget Project, which aims to achieve growth at 4.5% compared to 4.2% targeted at achieving the current fiscal year, reducing the total deficit at 6.3% compared to 7.2%, as well as reducing public debt to 83% by the end of June 2021.
The budget project assumes the average price of a Brent barrel at $61, targeting a 14% increase in revenues in the 2020-2021 budget. The Ministry of Finance expects inflation to reach 9%, compared to 8.2% for the current fiscal year.
In this regard, the Egyptian Ministry of Finance announced that the timing of preparing the budget project coincided with exceptional measures and circumstances represented in the outbreak of the “Coronavirus” pandemic and its huge and prolonged impact on all countries and economies, in a way that has become a real threat not only to the health of citizens, but to the lives and incomes of millions of people who are losing their business or are negatively affected by current actions.
The government, according to the ministry, is working hard to overcome this crisis with the lowest possible losses by providing adequate support to the sectors which are mostly in need and in a way that enables the economy and the country to recover quickly to complete the development process.
Source (Al-Sharq Al-Awsat newspaper, Edited)
