Egypt’s Ministry of Finance kicked off the FY 2020/21 state budget on July 1, estimated at EGP 2.2 trn, marking the largest in the country’s history, Invest-Gate reports.
There is an EGP 138.6 bn increase in spending versus FY 2019/20 to reach EGP 1.7 trn, Finance Minister Mohamed Maait said in a Cabinet statement on June 30, affirming that the new budget also involves an EGP 280.7 bn hike in public investments.
Total allocations for health, education, scientific research, and public enterprise sectors rose to EGP 682.5 bn, up from EGP 545 bn in FY 2019/20, the minister confirmed, underlining that the state is committed to extending extra grants to all industries throughout the year if necessary.
Healthcare investments stand at EGP 258.8 bn in FY 2020/21, growing by EGP 7 bn to bolster this vital chunk of the economy, especially amid the Coronavirus headwinds. Meanwhile, merely EGP 241.6 bn, EGP 122 bn, and EGP 60.4 bn were allotted for pre-university education, higher education, and scientific research, separately, Maait further stated.
Besides, about EGP 3.4 bn were earmarked for transportation, paired with EGP 6.4 bn for development grants, according to Maait, pointing out that the new budget intends to amend wage structures through a package of procedures worth EGP 34 bn.
Earlier, Minister of Planning and Economic Development Hala El Saeed has uncovered that Egypt’s economic growth is projected to hit 4% in 2020, with a GDP loss amounting to EGP 105 bn in FY 2019/20, which is a more moderate decline than other countries worldwide.