- Dr. Mohamed Maait, Minister of Finance, confirmed that the results of the final account of the budget for the fiscal year 2022/2023, regarding which the House of Representatives approved the report of the Plan and Budget Committee, reflect the continued cohesion of the Egyptian economy in the face of external and internal challenges, as a primary surplus of 1.6% of GDP was achieved. The total during the last fiscal year was used to finance part of the interest on public debt; Which contributed to reducing the total deficit to 6% of GDP in June 2023, and reducing debt to 95.8%, down from 103% in June 2016, despite the sharp changes in interest rates and exchange rates and the continuation of the global and local inflationary wave, explaining that reducing inflation levels, lowering interest rates, and the return of indicators Economic growth to increase in the next stage will help us control and service debt and reduce it again according to financial targets.
- Maait pointed out that the Ministry of Finance is always and continuously committed to coordinating with the relevant authorities to implement the recommendations of the Planning and Budget Committee of the House of Representatives, the observations of the Central Auditing Organization and those issued for the fiscal year 2022/2023.
- He added that the volume of public spending on social dimension programs increased in the 2022/2023 budget, as the government was keen to move forward in providing a decent life for citizens and improving the level of services provided to them. Which led to an increase in total expenses for the last fiscal year by 19.3% to record 2.2 trillion pounds.
- Maait explained that the results of the final account of the last fiscal year’s budget reflect the political leadership’s bias toward the groups most cared for by adopting social distancing policies, as public spending on wages and workers’ compensation rose to 412.5 billion pounds compared to 358.7 billion pounds in the fiscal year 2021/2022, with a growth rate of 15%. Spending on the support item increased to 275.8 billion pounds, compared to 182.8 billion pounds, with a growth rate of 50.9% and an increase in actual spending on the social protection sector by 34%, to reduce the difficult effects of global and regional shocks.
- He pointed out that the state’s public treasury has committed to paying 191 billion pounds, the value of the annual premium to the National Social Insurance Authority, as part of the agreement to resolve disputes with the Ministry of Social Solidarity to pay the insurance fund dues accumulated over half a century, in light of the Social Insurance and Pensions Law No. 148 of 2019, in a way that ensures the provision of insurance funds. The financial liquidity necessary to serve pensioners, their beneficiaries, and the insured, and to fulfill all obligations towards them.
- The Minister of Finance said that the focus will be on social protection and human development in the next stage, especially increasing spending on health and education and supporting the productive and export sectors, pointing out that the actual spending on the health sector during the last fiscal year was 147.2 billion pounds, compared to 136 billion pounds in 2021/2022, by Growth of 8.2% Spending on the education sector also increased by 8.9%, reaching 212.2 billion pounds, compared to 194.8 billion pounds.
- He pointed out that the last fiscal year witnessed an increase in public revenues in various sectors, as tax revenues witnessed a growth of 26.9% compared to the year 2021/2022, and an increase of 107.6% over the target for the fiscal year 2022/2023, as a result of the efforts made to modernize and mechanize the tax and customs systems, and expand The tax base and the serious pursuit of achieving tax justice, reducing tax evasion, and settling tax disputes.
- Maait said that the results of the final account of the economic bodies indicate an improvement in their financial performance, as their annual net profits increased by 50.3% during the last fiscal year, pointing out that there is a plan to develop, reform, and raise the efficiency of the performance of the economic bodies.
