Expenditure
Egypt also ranks 33rd among 117 countries in terms of the number of patents.
Spending on subsidies, grants and social benefits rose by about LE 33.2 billion to reach LE 264.8 billion within 11 months, and spending on subsidizing food commodities increased by LE 12.7 billion to reach LE 83 billion during the period of the study.
Minister Maait said the total expenditures in the new budget are expected to hit LE 2.71 trillion.
Expenditure on subsidizing food commodities rose to LE 83 billion, compared to LE 80.4 billion in the 2020-2021 fiscal year, with an increase of 3.2 percent, and actual spending on the social protection sector increased by 16.5 percent over the 2020-2021 fiscal year.
Food commodities' subsidies rose to LE 6.8 billion during the study period, while allocations to the state treasury’s contribution to pension funds reached about LE 19 billion, it added.
Saeed's remarks came during her videoconference meeting with representatives of the International Monetary Fund (IMF) to discuss results of surveys of income, expenditure, and labor, the Planning Ministry said in a statement.
CBE added that the total expenditure hit 1.229 trillion, bringing the total deficit to LE 432 billion, or 9.8 percent of Egypt's gross domestic product (GDP).
The government targets a primary budget deficit of two percent of GDP and curbing budget deficit to 8.5 percent.
