Egypt’s GDP expected to post EGP 7.1 tln in FY2021/22: Finance minister

Doaa A.Moneim , Wednesday 10 Nov 2021

Egypt’s GDP is expected to post EGP 7.1 trillion in the current FY2021/2022, according to a statement given by Minister of Finance Mohamed Maait while addressing the National Press Authority on Tuesday.

Minister of Finance Mohamed Maait

Maait said that the economic reforms Egypt has been implementing since 2016 are helping the economy attain its targets during FY2021/22 despite the ongoing challenges, which include the COVID-19 pandemic, supply chain disruptions, and the rise in shipping costs.

In this respect, Maait noted that the government is aiming to achieve a real GDP growth rate of 5.6 percent and an initial surplus of 1.5 percent.

He also noted that the government has set a target to reduce the overall budget deficit to 6.7 percent of the country’s GDP.

“The government is keen on stabilising tax policies and has no intention to impose new taxes or increase the tax burdens on citizens in the future. The ministry has adopted a comprehensive strategy to upgrade the taxation and customs systems, through which the government can maximise the state’s budget revenues,” Maait explained.

“Egypt has also managed to introduce a pioneer model by applying the e-invoice system that has attracted, so far, about 5,000 companies and uncovered about 3,000 tax evasion cases.”

For his part, Chairman of the National Press Authority Abdel-Sadek El-Shorbagy thanked Egypt’s President Abdel Fattah El-Sisi for his support for state-owned newspapers, as they are playing a role in raising citizens’ awareness, stressing that the Egyptian press will continue to play its role despite all challenges.

He added that the authority reviews the financial performance of state-owned newspapers quarterly, revealing that their loss rate has declined by 10 percent.

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