Egypt Approves Draft Budget for FY 2021/22

The Egyptian Cabinet approved on Wednesday the draft budget for the fiscal year 2021/22 fiscal year, which begins in July.

This came during the cabinet's weekly meeting led by Prime Minister Mostafa Madbouly, where the budget was reviewed by Finance Minister Mohamed Maait before submitting it to Parliament. Maait also reviewed the framework and goals related to the budget, which include continuing efforts aimed at maintaining financial stability in light of the repercussions of COVID-19.

He said that the new budget aims to reduce the total deficit to 6.6% of GDP and achieve a primary surplus of 1.5% of GDP. He explained that about EGP 87.8 billion Egyptian have been allocated to support food commodities and farmers in the draft budget

The minister added that the new budget will continue to support production sectors and groups most affected by the pandemic, in line with support for specific initiatives in the health and education sectors, as well as national projects aimed at strengthening services and infrastructure in villages at the state level.

The minister pointed out that the new budget aims to sustain fiscal discipline and keep government debt under control in light of the outbreak.