Egyptian Minister of Finance, Mohamed Maait. Al-Ahram
The citizen’s budget report is an effort made by the finance ministry that includes the key features of the fiscal year’s budget with the aim of engaging citizens to be aware of the state’s budget, figures, and key targets.
According to Maait, the pre-university education sector’s allocations went up by EGP 14.6 billion to post EGP 256 billion, along with the higher education sector, which has had its budget increased by EGP 10 billion to record EGP 132 billion.
Scientific research funding has also increased by EGP 4 billion to stand at EGP 64 billion, according to the minister.
In terms of social protections, Maait stated that pension allocations increased by 13 percent, while wage allotments rose by EGP 37 billion.
The minister expounded that Egypt’s FY2021/22 budget concentrates on maintaining financial stability amid the ongoing COVID-19 pandemic by preserving the variety and strength of the Egyptian economy with the partnership of the private sector as a key engine of the country’s growth.
Egypt’s current FY2021/22, which began in July, has a budget of EGP 2.6 trillion, the highest in Egypt’s history, increasing from a value of EGP 2.2 trillion from the previous FY.
The current FY is expected to witness an increase in real GDP growth to reach 5.4 percent after experiencing a slowdown in FY2020/21 estimated at 2.8 percent, in light of the incremental recovery of Egypt’s economy from the COVID-19 pandemic and its associated harsh impacts.
Moreover, the FY2021/22 draft budget targets curbing debt as well as reducing the deficit to 89.0 percent of GDP, down from 89.8 percent of GDP in the current FY2020/21.
The government is also working on extending the debt repayment period to 4.2 years by the end of FY2021/22, up from the 3.6 years expected by the end of FY2020/21 and 1.3 years in FY2012/13.