Egyptian Finance Minister Mohamed Maait stressed the closing budget account for the fiscal year 2020/2021 points out to the success of the Egyptian national economy to flexibly deal with domestic and foreign challenges.
He said that will mainly contribute to hedging against global crises and containing repercussions of Covid-19 pandemic, which is posing negative impacts and taking its toll on various economies in the world.
The final account was approved by the House of Representatives on Tuesday.
In a statement on Wednesday, the minister said the ministry managed to achieve goals of financial and economic performance and to reduce the budget deficit and debts rates of the Gross Domestic Product (GDP).
He said he is committed to coordinating with the authorities to implement recommendations of the parliament’s “Plan and Budget Committee and comments by the Central Auditing Organisation for fiscal year 2020/2021.
The Finance Ministry spares no effort to take into account these comments and recommendations annually, according to him.
Egypt achieved initial, primary surplus at 1.46 percent of the gross domestic product in the fiscal year 2020-2021, that is used to finance part of public debt benefits and thus decreasing gross deficit to 7.4 percent of domestic product, he said.
Maait added public spending on social solidarity programmes was up by 10 percent in the relevant fiscal year to hit LE1.6 trillion last year.
Last year’s concluding statement shows the political leadership’s bias to support the most vulnerable brackets by adopting social solidarity policies, he noted.
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