Sisi directs government to prepare measures to mitigate effects of global economic repercussions in Egypt

MENA , Ahram Online , Sunday 20 Mar 2022

Egypt’s President Abdel-Fattah El-Sisi directed the government on Sunday to immediately prepare a package of measures to mitigate the impact of global economic crises on the Egyptian people, the presidency announced.

Egypt s President Abdel-Fattah El-Sisi in his meeting with PM Mostafa Madbouly and officials on Sunday in Cairo (Photo : Egyptian Presidency)

The directives were announced during El-Sisi's meeting with Prime Minister Mostafa Madbouly, Finance Minister Mohamed Maait, Minister of Social Solidarity Nevine El-Qabbaj, among other senior officials.

The meeting reviewed the draft budget of the 2022/2023 fiscal year, Presidential Spokesman Bassam Rady said in a statement following the meeting.

Maait briefed the president on the most prominent indicators of the 2022/2023 draft budget, which targets reducing the total deficit to about 6.3 percent of GDP and achieving a primary surplus of 1.5 percent of GDP.

The draft budget also aims to reduce the debt of the general budget agencies of the GDP to about 80.5 percent.

Revenue growth rates are expected to increase to 17 percent to reach about EGP 1.4 trillion (around $89 billion), while expenditure growth rates will increase to 16 percent to reach about EGP 2.7 trillion (about $172 billion), including EGP 365 billion for investment, EGP 400 billion for wages and EGP 323 billion for the social support system.

Abdel-Fattah El-Sisi was also posted on efforts to develop the tax system, especially with regard to the electronic invoice system, as well as the executive position of measures to combat tax evasions

The president also reviewed the amendments to the draft income tax law, as well as a fresh strategy for developing the customs system.

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