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Friday, 18 June 2021

Egypt's Ministers of Finance and Planning to present new budget, development plan before Parliament on Sunday

Minister of Transportation Kamel El-Wazir will also come to Parliament on Tuesday to address MPs on reform of the country's railway system

Gamal Essam El-Din , Saturday 24 Apr 2021
Finance Minister Mohamed Mait (Al-Ahram)
Finance Minister Mohamed Mait (Al-Ahram)
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Egypt's 2021/22 draft budget and development plan will be up for discussion before the House of Representatives, the lower House of Parliament, on Sunday.
 
Minister of Finance Mohamed Maait will deliver a statement on the new budget and its objectives in the new 2021/22 fiscal year.
 
A ministry of finance report said the draft budget targets revenues of EGP 1.365 trillion and forecasts expenditures of EGP 1.837 trillion. 
 
"This means an expected budget deficit of around EGP 472 billion or 6.7 percent of GDP," said the report.
 
The report also said that the new budget aims to maintain financial stability, achieve fiscal discipline, contain the negative impact of the COVID-19 pandemic on the economy and stimulate economic activity by introducing a new package of investment incentives.
 
Minister of Planning and Economic Development Hala El-Saeed will also deliver a statement on the government's 2020/21 development plan.
 
A Ministry of Planning report said that the new development plan targets EGP 1.3 trillion in overall investments, of which EGP 358 billion is to be spent on 12,000 projects throughout Egypt.
 
The report also said most of the investment projects in the government's 2021/22 development plan will focus on the education and healthcare sectors.
"The investments aim to establish universities in most governorates as well as mitigate the negative impact of the COVID-19 pandemic on socio-economic conditions of poor citizens," added the report.
 
Minister El-Saeed told MPs two weeks ago that the new development plan aims to raise the economic growth rate to 5.4 percent in 2021/22, up from 2.6 percent in the current fiscal year.
 
Fakhri El-Fiqi, Chair of the House's Budget Committee, told reporters on Saturday that the committee's discussion of the new budget and development plan will take place in hearings to which the ministers of finance and planning will be invited throughout this week. 
 
"We [will] hold two meetings on Sunday to discuss the finance minister's statement on the new budget; two meetings on Monday to discuss the planning minister's statement on the development plan; two meetings on Tuesday to discuss allocations to salaries of state employees as well as to investments in the countryside and two meetings on Wednesday to discuss the health and education sectors' budget," said El-Fiqi.
 
On Monday, the House will discuss legislative amendments aiming to exempt Egypt's Tahya Misr (Long Live Egypt) Fund from all kinds of taxes and fees. Article 8 of the fund's law (84/2015) will be amended to exempt the fund's revenues, credit facilities, grants and donations from all taxes and fees in order to be able to carry out its development objectives and service projects.
 
On Tuesday, Minister of Transportation Kamel El-Wazir is scheduled to address MPs on the government's plans for reforming the railway system and stemming the tide of train accidents which have hit the country several times last month.
 
El-Wazir said in a letter to Parliament Speaker Hanafi Gibali that it is important that MPs are informed of the reasons which caused a flurry in train accidents last month and his ministry's plans to modernise the railway system.
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