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Monday, 19 October 2020

EGP 7.5 bln allocated to nine ministries, authorities in August: Finance minister

The current FY2020/2021 came into effect in July with a total budget of EGP 2.2 trillion, the largest in Egypt's history

Doaa A.Moneim , Wednesday 9 Sep 2020
Mohamed Maait
Egypt's Finance Minister Mohamed Maait (Al-Ahram)
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Some EGP 7.5 billion was appropriated as urgent allocations for nine ministries and authorities in Egypt in August, to assist in fulfilling citizens' needs, Minister of Finance Mohamed Maait said Wednesday.

The allocations included EGP 4 billion provided to the General Authority for Supply and Commodities, EGP 300 million provided to the Ministry of Manpower, EGP 266 million provided to the General Authority for Roads, Bridges, and Land Transport, as well as EGP 98.5 million provided to the Holding Company for Textiles, according to Maait.

The allocation also included EGP 149.million provided to the Passengers Transportation Authority, EGP 60 million provided to the Holding Company for Water and Waste Water, EGP 294.8 million provided to the Egyptian Authority for Unified Purchasing and Medical Supply, EGP 59.3 million provided to medical insurance for school students, EGP 22.1 million provided to insurance on female heads of households, EGP 903.8 million provided for children milk subsidies, in addition EGP 220 million for the National Authority for Media and EGP 100 million for the National Press Authority, according to Maait.

Maait added that the government is eager to provide the cash liquidity needed for commodity and service authorities, thus contributing to enhancing their capabilities to meet citizens’ needs, especially priority care groups amid the Covid-19 crisis.

The current FY2020/2021 came into effect in July with a total budget of EGP 2.2 trillion, which is the largest in Egypt's history due to the heavy pressure the Covid-19 pandemic repercussions on budget expenses.

The FY2020/2021 budget also included a significant increase in public investment allocations to reach EGP 280.7 billion with a growth rate of 64.3 percent compared to the previous FY2019/2020, for the sake of boosting economic activity and enhancing the investment atmosphere amid the ongoing crisis.

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