Minister of Finance Mohamed Maait confirmed that the state’s general budget for the new fiscal year 2022/2023 is the largest in the history of Egypt, noting that it exceeds EGP 3 trillion.
On the occasion of the parliament’s discussion of the new budget, the minister explained that, according to estimates for the next fiscal year, that the total expenditures are about EGP 2.71 trillion, and the estimated revenues are EGP 1.518 trillion.
He pointed out that the total spending of the general government for the state's general budget and the budgets of public economic bodies amounts to EGP 5.7 trillion, noting that the volume of expenditures by economic authorities is EGP 2.6 trillion for 59 economic authorities, excluding the National Authority for Military Production.
Maait stated that the budget figures in the new fiscal year reflect the government's keenness to complete the development process and increase public spending to improve citizens' lives and services provided to them, despite the severity of global shocks.
Education
The minister added that the allocations for health and education were increased in the new budget to meet the constitutional entitlement, as the total allocations for the university and pre-university education sector amounted to EGP 476.3 billion, and EGP 79.3 billion for scientific research, while the total allocations to the health sector amounted to EGP 310 billion; in a way that contributes to enhancing spending on human development.
Public investment
He explained that the financial allocations for public investments were increased to EGP 376.5 billion at a rate of 9.6% to maximize spending on national and development projects and create job opportunities, which would help complete priority development projects, including decent life and the canal lining project, developing the irrigation system, in addition to allocating EGP 5 billion to the Urban Development Fund to develop slums and unplanned areas; in line with the "Egypt Vision 2030".
Subsidizing electricity
The minister indicated that EGP 6 billion were allocated to support and develop exports. He explained that EGP 5 billion were allocated to subsidize electricity for the industrial sector, and EGP 1.5 billion to bear the cost of real estate taxes on the industrial sector.
Pensions
He confirmed the allocation of EGP 191 billion to pay the annual installment due in favor of the Insurance and Pensions Fund, which allows financing the increase in pensions at an annual cost of EGP 38 billion, and an additional cost of EGP 8 billion for the period from April to June 2022, in a way that 10 million pensioners will benefit from the increase. This brings the total amounts transferred from the public treasury to support pension funds to EGP 701 billion pounds over 4 years.
Social protection
Maait indicated that the new budget includes allocating EGP 356 billion for support and social protection, including EGP 90 billion to subsidize food commodities and bread to ensure their availability for about 71 million citizens.
About EGP 22 billion were allocated for the “Solidarity and Dignity” program that includes increasing beneficiaries For 4 million families, as well as EGP 3.5 billion to deliver natural gas to homes for 1.3 million housing units, and EGP 7.8 billion to finance social housing initiatives.
Health
He concluded that EGP11 billion were allocated for health insurance and treatment for those unable at state expense, with the gradual expansion of the comprehensive health insurance system continuing to enter governorates this year, and EGP 18.5 billion for medicines and medical supplies.
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