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Sunday, 19 March 2023 / 05:35 PM
Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly, and Minister of Finance, Dr. Mohamed Maait. The meeting was also attended by Vice Minister of Finance for Fiscal Policies, Mr. Ahmed Kouchouk, and Deputy Minister of Finance for Public Treasury, Dr. Ihab Abu Aish.
Spokesman for the Presidency, Counselor Ahmad Fahmy, said the meeting reviewed the draft budget for the next fiscal year 2023-2024. The Minister of Finance offered an overview of the most prominent final indicators of the draft budget, which aims to achieve a growth rate of 5% of GDP. It will also see achieving a primary surplus of 2.5% of GDP, with a total deficit rate of 6.37%, in addition to an increase in revenue growth rate to about 31% to reach over 2 trillion pounds, and an increase in expenditures at a growth rate of around 30.5% to reach about 2 trillion and 838 billion pounds. This includes an increase in wages by 15% to 470 billion pounds, an increase in the subsidies, grants, and social benefits’ system by 24% to 496 billion pounds, and an increase in investment allocations to 512 billion pounds.
The Minister of Finance confirmed that the draft budget takes into consideration the negative effects resulting from the current global crisis due to the huge increase in energy and food prices and the cost of the social package at an amount of 150 billion pounds. This is, in addition to the continuation of the economic reform program with the aim of increasing and stimulating exports, and boosting the industry and the role of the private sector in achieving development.
President El-Sisi gave directives to continue to maintain fiscal discipline and ensure the financial sustainability of the state’s general budget. This is, in addition to continuing to take the necessary measures to reduce the budget’s public debt and its servicing burdens.
And in line with the state’s efforts to mitigate the impact of the global economic repercussions on the citizens, President El-Sisi gave directives to the government to increase the income tax exemption limit to 36,000 pounds instead of 24,000 pounds.
Sunday, 19 March 2023 / 05:35 PM
Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly, and Minister of Finance, Dr. Mohamed Maait. The meeting was also attended by Vice Minister of Finance for Fiscal Policies, Mr. Ahmed Kouchouk, and Deputy Minister of Finance for Public Treasury, Dr. Ihab Abu Aish.
Spokesman for the Presidency, Counselor Ahmad Fahmy, said the meeting reviewed the draft budget for the next fiscal year 2023-2024. The Minister of Finance offered an overview of the most prominent final indicators of the draft budget, which aims to achieve a growth rate of 5% of GDP. It will also see achieving a primary surplus of 2.5% of GDP, with a total deficit rate of 6.37%, in addition to an increase in revenue growth rate to about 31% to reach over 2 trillion pounds, and an increase in expenditures at a growth rate of around 30.5% to reach about 2 trillion and 838 billion pounds. This includes an increase in wages by 15% to 470 billion pounds, an increase in the subsidies, grants, and social benefits’ system by 24% to 496 billion pounds, and an increase in investment allocations to 512 billion pounds.
The Minister of Finance confirmed that the draft budget takes into consideration the negative effects resulting from the current global crisis due to the huge increase in energy and food prices and the cost of the social package at an amount of 150 billion pounds. This is, in addition to the continuation of the economic reform program with the aim of increasing and stimulating exports, and boosting the industry and the role of the private sector in achieving development.
President El-Sisi gave directives to continue to maintain fiscal discipline and ensure the financial sustainability of the state’s general budget. This is, in addition to continuing to take the necessary measures to reduce the budget’s public debt and its servicing burdens.
And in line with the state’s efforts to mitigate the impact of the global economic repercussions on the citizens, President El-Sisi gave directives to the government to increase the income tax exemption limit to 36,000 pounds instead of 24,000 pounds.
All rights reserved to the presidency Copyright © 2020
All rights reserved to the presidency Copyright © 2020