Egypt's total expenditures hit LE 2.71T in 2022/2023 budget

CAIRO - 9 May 2022: Minister of Finance Mohamed Maait said Monday allocations for supporting social protection increased to LE 356 billion in the new general budget draft upon the directives of President Abdel Fattah el Sisi, a matter that supports sectors and categories badly affected by COVID-19 and the Ukrainian-Russian crisis.

 

Delivering the financial statement of the new budget 2022/2023 at the House of Representatives, he said the Egyptians are able to overcome such exceptional ordeals and turn them into promising chances for development focusing on science and work as well as a better future.

 

Minister Maait said the total expenditures in the new budget are expected to hit LE 2.71 trillion.

 

He said LE 400 billion had been allocated for wages in the new budget to improve the financial conditions of 4.5 million civil servants.

 

The minister added that LE 5 billion had been allocated for appointing 60,000 teachers, doctors and pharmacists as well as employees needed in various sectors.

 

Minister Maait pointed out that LE 191 billion had been allocated to pension funds to secure pensions for nearly 10 million pensioners at annual costs estimated at LE 38 billion.

 

He said LE 90 billion had been allocated for supporting the subsidy of basic commodities including bread for 71 million citizens who receive subsidized goods.

 

The minister added that LE 22 billion had been allocated for increasing the number of citizens who benefit from the Takaful and Karama Fund for social solidarity which benefits about four million families.

 

According to Maait, LE 3.5 billion had been allocated for supplying natural gas to 1.2 million housing units and LE 7.8 million had been allocated to finance social housing initiative.

 

He also said LE 10.9 billion had been allocated for health insurance and treating poor people at the state expense along with LE 18.5 billion for providing medicines and medical equipment.

 

Despite the challenges and pressures on the state budget, the total allocations for health hit LE 310 billion, he said, adding LE 476.3 billion for university and pre-university education were disbursed while a sum of LE 79.3 billion had been provided for scientific research.

 

Minister Maait said his ministry seeks an initial surplus of LE 132 billion and cutting the deficit to 6.1 percent of GDP compared to 12.5 percent in late June 2016.

 

He added that the government wants to put the debt rate at less than 75 percent of the GDP during the coming four years.

 

The minister added that the government is keen on going ahead with economic reforms to incentivize investments and increase the contributions of the private sector in the economic activities to support the industry locally and increase job opportunities and exports.

 

He added LE 5 billion had been allocated to increase subsidy of electricity to industry while LE 6 billion had been disbursed to support the exporters' program, a matter that provides liquidity to the production sector.