Egypt's budget deficit rises to LE 220B in 4 months

CAIR – 18 November 2021: Egypt’s budget deficit rose to LE 219.8 billion during the first four months of 2021/2022, compared to LE 171.3 billion during the same period of 2020/2021, data from the Egyptian Ministry of Finance showed.

According to the monthly finance report, the budget deficit rose to 3.1 percent as a percentage of the gross domestic product (GDP), compared to 2.6 percent of GDP during the same period of 2020/2021.

Egypt's total revenues rose during the first four months of the current fiscal year to LE 311 billion, compared to LE 287 billion during the same period of the previous fiscal year, as tax revenues contribute about 78.8 percent of total revenues, and non-tax revenues by about 21.2 percent.

Egypt's total expenditures during the July-October period also increased to LE 530.7 billion, compared to LE 455 billion during the same period of the previous fiscal year.

The Ministry of Finance indicated the continued achievement of the objectives of financial control, sustainability of public finance indicators, rationalization of consumption, and provision of sources of financing without prejudice to the safe limits of the public debt.

It pointed to supporting the protection network with providing good health care to citizens and increasing financial allocations to raise the efficiency of infrastructure, human development programs, education and health, which increases the productivity of the Egyptian citizen and helps improve the quality of his daily life.

The ministry explained that despite the negative claims of the corona pandemic on economic activity, the state's general budget was able to meet the increase in allocations for the health and education sector, investments funded by the treasury, increase in wages, and meeting the allocations for social protection programs.