Cairo – Mubasher: The Egyptian cabinet approved the draft budget for fiscal year 2021/2022 with a projected GDP growth of 5.4%.
The overall budget deficit is seen at 6.6% of GDP, while the primary surplus is forecast to reach 1.5% in the coming fiscal year, according to a statement on Wednesday.
The country’s revenues are expected to rise to EGP 1.3 trillion in FY21/22 from EGP 1.1 trillion in FY20/21.
The draft budget will be referred to the House of Representatives for approval.
Moreover, the supply commodities subsidies will increase to EGP 87.8 billion, compared to an expected EGP 83 billion this fiscal year.
The draft budget also includes pension fund allocations worth EGP 180 billion as well as an increase worth EGP 37 billion in public wages.
