Egypt achieved primary surplus of LE98.5B in FY 2021-22: Finance min.

CAIRO - 7 July 2022: The State's general budget achieved a primary surplus of about LE 98.5 billion during fiscal year 2021/2022, representing 1.3 percent of the gross domestic product (GDP), compared to LE 93.4 billion a year earlier, said Finance Minister Mohamed Maait.

 

The minister's remarks were made during a Cabinet meeting held Thursday under Prime Minister Moustafa Madbouli.

 

The minister, meanwhile, explained that the needs of all sectors were provided, especially the health and education sectors, as well as all allocations for the "Decent Life" presidential initiative.

 

The overall budget deficit reached 6.1 percent of GDP in 2021/2022 fiscal year, compared with 6.8 percent of GDP during the previous fiscal year, added the minister during the meeting.

 

Despite all the successive global economic challenges, total expenditures in the State's general budget increased by 11.8 percent during FY 2021-22, he further said.

 

The health sector's allocations reached LE 124 billion, he said, adding that his ministry has also allocated LE 192.4 billion to the education sector.

 

The minister also noted that the tax revenues increased by about 17.3 percent, a matter which reflects efforts exerted to improve the tax system.

 

The customs tax revenues also increased by about 8.3 percent, he went on to say.