Egypt is Prepares its Budget Project and Targets a 6 % Growth

  • Cairo, Arab Republic of Egypt
  • 19 August 2019

Egyptian Finance Minister Mohamed Maait has announced the completion of a new unified draft law for the public budget and government accounting, in preparation for referral to the Council of Ministers and presented to the House of Representatives in the next parliamentary session.

He explained that "the new draft law aims to achieve sufficient flexibility in the implementation of the budget, and preserve the financial allocations re-use in the following years, if circumstances prevented disbursement during the year of adoption, according to governing controls," pointing out that the government targets in the budget for the fiscal year 2019 - 2020, and over the next three years, efforts to gradually reduce the government debt rate of GDP and to achieve annual growth rates of at least 6 percent on average and a sustained initial annual surplus of around 2 percent until the fiscal year 2021-2022, by building on what the reform economic program has achieved, and the continuity of the structural reforms."

Mr. Maait added: "The fiscal year 2021-2022 will witness the decline of the ratio of government debt to GDP to less than before 2011, where the government succeeded in reducing the ratio of government debt to GDP from 108 percent by the end of June 2017, to 98 percent at the end of June 2018, then 90.5 percent by the end of June 2019, and is targeted to be 82.5 percent by the end of June 2020, to become 77.5 percent by the end of June 2022.''

Source (Asharq Al-Awsat newspaper, Edited)

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