Egypt's Finance Ministry pays LE 420.5B to Insurance, Pensions Fund within 30 months

CAIRO - 1 February 2022: The Egyptian Ministry of Finance issued the “semi-annual report on economic and financial performance” for the fiscal year 2021-2022, which monitored the volume of public spending during the past six months from the actual implementation of the budget, and measures its compatibility with the state’s financial policies, in a way that contributes to strengthening community participation and transparency.

 

In a statement, Mohamed Maait said that LE 90 billion had been paid to the Insurance and Pension Fund, raising  the total amount that was paid to the fund in 30 months to LE 420.5 billion. It is scheduled to reach LE 510.5 billion in next June, since the signing of an agreement to resolve entanglements, with the Ministry of Social Solidarity, to pay the dues of insurance funds accumulated over half a century.

 

The minister added that the first half of the current fiscal year witnessed an increase in the state's public revenues by 10.3 percent, and an increase in tax revenues by an annual growth rate of 15.7 percent compared to the same period of the last fiscal year, which reflects the remarkable improvement in economic activity and the movement of buying and selling, and the results of development projects and automating the tax system by integrating the informal economy into the formal economy.

 

He stressed his country's success in raising the efficiency of tax collection and collecting the dues of the state's public treasury, noting that we succeeded in reducing the total budget deficit by 50 percent during the past five years, and we [the government] aim to reach 6.7 percent next June, compared to 7.4 percent last June, and we target less from 6 percent next fiscal year.