News

FY21/22 Budget Approved By Cabinet

25 Mar 2021

The Cabinet has signed off on the draft budget for FY21/22, which will then be taken to the parliament for approval. The key highlights are:

  • Overall deficit will decline to 6.6% vs. 7.8% in FY20/21
  • Primary surplus will increase to 1.5% vs. 0.9% in FY20/21
  • GDP will grow by 5.4%
  • Revenues will increase by 16.4% to reach EGP1.3tn vs. EGP1.117tn in FY20/21, due to:
    • Expanding the taxpayer base
    • Implementation of electronic collection and payment systems
    • Increase in the use of modern techniques to manage risks
  • Investment spending will grow by 27.6%
  • Export support and development spending will grow by 110%
  • Wages will grow by 11.4%
  • Spending on commodities will grow by 26%
  • Commodities subsidies will reach EGP87.8bn vs. EGP83bn in FY20/21
  • The Insurance and Pensions Fund will be paid its annual installment of EGP180bn

(Source: al-Mal, Hapi, Amwal al-Ghad, Arab Finance, Zawya)

 

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