Total investments financed by Egypt's treasury rise to LE82B in H1 2021/22

CAIRO - 1 February 2022: Total volume of investments financed by the state’s public treasury during the first half of the current fiscal year 2021/2022 rose 12 percent annually to LE 82 billion, according to the Egyptian Minister of Finance, Mohamed Maait.

 

Maat added that investments directed to the national project for the development of the Egyptian countryside, "Hayah Karima", is expected to be LE 200 billion this year.

 

He said, in a report on the performance of the general budget,, Tuesday, that spending on the health, education, and social protection sectors increased by 30.4%, 21.1%, and 20.6% respectively during the period from July to the end of last December, compared to the same period of the last fiscal year.

 

The minister pointed out that a primary surplus of LE 3.2 billion was achieved during the first half of the current fiscal year, despite the challenges that global economies are witnessing that followed the Coronavirus crisis, embodied in the sharp rise in inflation rates, global prices of wheat and oil, shipping costs, and disruption in supply chains, etc. “This represents severe pressure on the state budget.”

 

Maait pointed to an increase in the volume of expenditures by 15.4% to provide adequate funding for the implementation of government investments, and to meet all the needs of the health and education sectors and all budgetary bodies.