CAIRO – The Finance Ministry issued on Tuesday its semi-annual report on the economic and financial performance during the first half of fiscal year 2021/2022.
The report monitors the volume of public spending during the past six months and measures its compatibility with the state’s financial policies in a way that contributes to enhancing community participation, disclosure and transparency.
Finance Minister Mohamed Maeet said that the indicators of financial and economic performance during the first half of the current fiscal year were reassuring, indicating that the Egyptian economy is still capable of dealing with internal and external challenges.
He noted that the World Bank upped its estimates for the growth of the Egyptian economy by 1% to reach 5.5% during 2022, while the International Monetary Fund expected the growth of the Egyptian economy to hit 5.6% instead of 5.2%.
This reflects the solidity and cohesion of the Egyptian economy and its ability to recover from the repercussions of Covid-19, Maait noted.
Maait pointed out that the ministry achieved an initial surplus of 3.2 billion pounds during the period from July to December, and is targeting now 1.2% of GDP by the end of the current fiscal year despite the challenges that global economies are facing following the Covid-19 crisis.
He noted that spending on the health, education and social protection sectors increased by 30.4%, 21.1%, and 20.6% during the first half of 2021/22, compared to the same period last fiscal year.
