Egypt to raise public investments to EGP 933 bln in FY2021/22

Doaa A.Moneim , Thursday 11 Nov 2021

Egypt is aiming to increase public investment allocations significantly in the current FY2021/22 to EGP 933 billion, up from EGP 637 billion in FY2020/21, the Ministry of Finance announced on Thursday in a report.

Mohamed Maait
File Photo: Finance Minster Mohamed Maait. Photo courtesy of Egyptian Finance ministry Facebook page.

The report contained a rundown of the key indices of the country’s economic performance amid the pandemic.

It noted that all international financial institutions, global development banks, and credit ratings have concurred on the Egyptian economy’s resilience in the face of external shocks.

Additionally, Egypt’s budget achieved a 1.5 percent initial surplus in FY2020/21, according to the report.

Furthermore, Egypt’s overall budget deficit declined to 7.4 percent in FY2020/21, down from the 8 percent recorded in FY2019/20.

The report also pointed out that the unemployment rate declined to 7.9 percent in both FY2019/20 and FY2020/21, down from the 9.9 percent recorded in 2018/19.

Short link: