Cairo – Mubasher: The Egyptian finance minister Mohamed Maait reviewed the items of the state budget for fiscal year 2020/2021.
The FY20/21 budget shows expenditures of EGP 1.71 trillion and revenues of EGP 1.3 trillion, Maait added in a statement on Monday.
The Egyptian government aims to slash the overall budget deficit to gross domestic product (GDP) ratio to 6.3%, achieve a primary surplus of 2% of GDP, and increase government investments to EGP 280.7 billion.
Plans also include raising salaries of civil servants by EGP 34 billion to EGP 335 billion. The budget considers the 75% increase in medical staff’s allowances, totalling EGP 2.25 billion, as directed by the Egyptian President Abdel Fattah El-Sisi.
The Egyptian government also allocates EGP 100.2 billion to goods and services, EGP 326.5 billion to subsidies including EGP 19 billion to social security pensions, and EGP 4 billion to raise the tax exemption cap.
The budget allocates EGP 95.7 billion, EGP 46.7 billion, and EGP 7.8 billion to the health, education, and scientific research sectors, respectively.
