CAIRO- The Egyptian House of Representatives under Speaker Hanafi Gebali approved on Monday the FY 2021/2022 State budget.
The house also approved the fourth year of the medium-term sustainable development plan (2018/2019 to 2021/2022).
It also approved 2021/2022 budgets of public economic organizations and the National Authority for Military Production.
The parliament’s Budget Committee has earlier submitted eight recommendations to increase revenues of the State budget. It recommended, among others, taking more effective measures to collect overdue government dues from some banks, companies and bodies.
It also recommended developing natural resources investment methods and mulling over new sources for self-financing provided that no new burdens are being placed on citizens.
Egypt’s new 2021/22 budget targets revenues of EGP 1.365 trillion, while expenditure is projected to reach EGP 1.837 trillion. As much as EGP 321.3 million in allocations in the new budget will go to subsidies, grants, and social benefits.
An increase of EGP 87.8 billion has been earmarked in Egypt’s new budget for the education, higher education, health, and scientific research sectors.
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