Cairo – Mubasher: Egypt has provided the health sector with more than EGP 24 billion in order to face the COVID-19 pandemic during the first quarter (Q1) of fiscal year (FY) 2021/2022, posting an annual growth rate of 35%, the Minister of Finance, Mohamed Maait, said.

During a meeting with the members of the Egyptian British Chamber of Commerce in London, Maait noted that sufficient provisions have been allocated for all subsidies and social protection programmes, including the payment of EGP 45 billion to the Insurance and Pension Fund, according to a press release.

In addition, the government spent EGP 47 billion on the education sector with an increase of 20% year-on-year (YoY), Maait noted.

The minister said that the government aims to achieve a primary surplus of 1.5% of the gross domestic product (GDP), cut the overall budget deficit to 6.7%, and reduce the public debt to less than 90% by the end of June 2022 and 85% by the end of June 2024.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.