The Egyptian Minister of Finance, Mohamed Maait, confirmed that the financial performance indicators during the period from July to March of the current fiscal year 2020/2021 witnessed an unprecedented improvement, as a result of the economic and financial policies and reforms pursued by the government, where a first surplus of 25 billion pounds was achieved, the achievement of the funding required to support the most affected sectors and groups, and meeting the needs of the health sector to confront the Corona pandemic, in addition to greatly increasing government investments, meeting the needs of budget agencies, and paying dues of insurance and pensions Fund at the State Treasury.
Maait revealed that the annual growth rate of revenues rose by about 14.6 percent despite the continuing negative repercussions of the Corona pandemic on economic activity, while the annual growth rate of expenditures reached 11.2 percent in light of the significant increase in government investment allocations to accelerate the implementation of many national projects and to improve infrastructure, and provide adequate allocations for support items and social protection programs, payment of all state treasury dues for the pension fund, and an increase in spending on the health and education sectors.
He also explained that total tax revenues increased by 13.5 percent compared to the same period of last fiscal year, which translates the great efforts in strengthening the governance of the tax administration system.
Source (Al-Arabiya.net, Edited)
