Egypts revenues to hit $82bln in 2020/2021: Cabinet

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ArabFinance: The Ministry of Finance said the state’s revenues are likely to reach EGP 1.3 trillion in fiscal year (FY) 2020/2021, up from EGP 200 billion in the prior year according to a cabinet statement released on March 30^th.

In addition, the budget deficit should fall to 6.3% of the country’s economic growth, compared to the 7.2% target in the current budget.

The government will raise its overall spending to EGP 1.71 trillion during the upcoming fiscal year, up 9% from the EGP 1.57 trillion in the current fiscal year.

Spending on the health sector will rise to EGP 95.7 billion in FY 2020/2021, while education spending will skyrocket 70% to EGP 132 billion.

The public wage bill will also rise by 11.3% to EGP 335 billion in FY 2020/21. Besides, the government investment will jump by 64% to reach EGP 280.7 billion in the same fiscal year.

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