Cairo – Mubasher: Egypt is working on enhancing the efficiency of expenditures and revenues, supporting growth opportunities, and maintaining the downward trajectory of debt rates.
On the sidelines of the 2021 International Monetary Fund (IMF) and World Bank fall meetings, the Minister of Finance, Mohamed Maait, said that the government adopts a financial policy balancing between maintaining financial stability, supporting manufacturing and export activities, strengthening social protection networks, and investing in improving health and education services, according to a statement on Sunday.
The country has allocated EGP 109 billion for spending on the health sector, EGP 358 billion for financing government investments, national projects, and infrastructure, EGP 80 billion for developing villages, and EGP 19 billion for Takaful and Karama programme.
During fiscal year (FY) 2020/2021, Egypt posted a gross domestic product (GDP) growth of 3.3%, a primary surplus of 1.45% of GDP, and an overall budget deficit of 7.4%.
For the current fiscal year, the government targets to achieve a GDP growth of 5.4%, a primary surplus of 1.5%, and an overall budget deficit of 6.7%.
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