President Abdel Fattah El Sisi met Saturday with Prime Minister Moustafa Madbouli and Finance Minister Mohamed Maeet to follow up the economic and financial indicators covering the period between July 2020 and January 2021.
The president directed the government to formulate the most appropriate financial measures in response to challenges induced by the Covid-19 pandemic to preserve of the gains realised by the national economic reform programme, Presidency Spokesman Ambassador Bassam Radi said.
Minister Maeet briefed the president about the situation of the general state budget for the aforementioned seven months.
The minister said the general budget achieved an initial surplus of LE18.1 billion ($1.1 billion), noting that revenues increased by 16 per cent.
Maeet added that spending also increased by 12.4 per cent in the aforementioned period, whereas the general deficit dropped to 4.4 per cent from 4.6 per cent in the previous corresponding period.
The government also increased investments in all sectors, especially the infrastructure sector and services. It has also boosted spending that would stimulate economic growth by 23 per cent, or about LE392 billion, the minister said.
He added that the government also increased spending on social protection programmes by 24 per cent or LE114 billion.
Minister Maeet also briefed the president about future outlook related to the 2020/2021 budget in the light of the challenges posed by Covid-19 pandemic and the state’s policies and plans to support of economic sectors during the forthcoming period in order to face the repercussions of the pandemic, Ambassador Radi said.
The president also discussed the results of the latest sale by the Ministry of Finance of $3.75 billion in dollar-denominated bonds in the international market.
Maeet said his ministry had succeeded in selling these bonds for comparatively low interests.
The president also reviewed progress on the automation and upgrade of the national tax system, including mechanisation of tax procedures, which started last month.
He called for speeding up the automation process in all the sectors of the Ministry of Finance as planned, Ambassador Radi said.