82% of Egypt’s state bodies implement PPBB budget for FY2021/22: Finance minister

Doaa A.Moneim , Sunday 19 Dec 2021

Minister of Finance Mohamed Maait said on Sunday that 82 percent of state bodies and 69 percent of economic authorities in Egypt have submitted their budgets for current FY2021/2022 based on “programmes and performance based budgeting” (PPBB) concepts, which contribute to achieving the rational management of public money.

Finance minister

PPBB budget is an effort the finance ministry has started to implement since FY2016/2017 under Egypt’s IMF-backed economic reform progaramme with an aim of reducing costs of the state’s bodies.

For his part, deputy finance minister for financial policies Ahmed Kojok noted that the government acts on linking the state’s budget to the global sustainable development goals (SDGs) and Egypt’s related agenda.

He added that Egypt is considering the issuance of its first quality bonds that contribute to attain Egypt’s SDGs agenda.

He also pointed out to Egypt’s first issuance of green bonds, the first of its kind in the MENA region, noting that such instruments will improve Egypt ranking globally in such filed; as Egypt is placed the 19th globally and the first in MENA.

The value of Egypt's current FY2021/22, whose first half ends by end-December, estimated at EGP 2.6 trillion, the biggest in Egypt’s history, increasing from a value of EGP 2.2 trillion for the FY2020/2021.

Egypt’s GDP is projected to grow between 6 percent and 7 percent in the second quarter of current FY2021/2022 (October-December), which is lower than the first quarter growth of 9.8 percent, according to Egypt’s Minister of Planning and Economic Development Hala El-Said.

Egypt targets an economic growth of 5.5 percent up to 5.7 percent during current FY2021/2022.

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