Egypt aims to increase revenues bet.13-15% in 2022/23 draft budget

CAIRO - 24 January 2022: Egypt aims to  increase revenues by an average rate between 13 percent and 15 percent in the draft budget for the next fiscal year 2022-2023, according to the Deputy Minister of Finance for Financial Policies, Ahmed Kojak.

 

 

The Deputy Minister of Finance for Financial Policies explained in TV statements that these indicators enable us to provide allocations for improving wages and rewarding workers, as well as providing sufficient funds to improve infrastructure, as well as reducing the deficit and achieving debt targets.

 

Egypt aims to achieve economic growth in the draft budget for the fiscal year 2022-2023, by about 5.7 percent, and aims to reduce the debt ratio to less than 90 percent of GDP during the next fiscal year.

 

Egypt raised its forecast for the public budget deficit in the 2022-2023 fiscal year, to 6.3 percent from a previous forecast of 6.1 percent, and also expected to achieve a primary surplus of 1.5 percent in 2022-2023.

 

Egyptian President Abdel Fatah El-Sisi decided to increase the minimum wage by 13 percent to LE 2,700, from LE 2,400 currently. Thus, the wages item in the new budget will increase to about LE 400 billion, from the LE 361 billion estimated in the current 2021/2022 budget.