Public Sector
According to a statement issued, Sunday, the total value of operations conducted by public sector companies reached LE 59.4 billion in the fiscal year 2021/2022, compared to LE 43.6 billion in the fiscal year 2020/2021.
The financing included development cooperation agreements with the government worth €1.5 billion in several vital sectors, namely transport, water and water treatment, and €1.85 to the private sector.
Al-Mashat noted that there is a global financing gap in the health sector, referring to the World Bank’s recent statements that the world’s 54 poorest countries will face in 2030 an annual $176 billion gap in their ability to pay for essential health services.
One of them sustained losses of LE 712 million “for unknown reasons.”
The National Company for Cement’s story sheds the light on the plights of the public sector, currently shared by at least another 30 companies locally.
The source said that the accumulation of these debts represents a major challenge for the oil sector.
The total debt of public sector companies to all parties amounts to LE 45 billion.
First Undersecretary of the Ministry of Public Enterprise Sector denied that the public sector business law hampers the governance of public business companies.
The government is focusing on services and community projects, Hala el-Said noted.
Contracted sugar quantities are now being received by public sector companies for refinement and it will be sold on the market for LE 9.5 per kilo.
The target comes as part of the government’s plan to pay the salaries of 7 million public sector employees and 7 million pensioners through the banking sector.
Eastern Company has paid a total of LE 42 billion Eastern Company has paid a total of LE 42 billion ($2.3 billion) in sales tax to the Egyptian Tax Authority.
Under the new financial plan, special attention will be given to factories manufacturing vital products.
