Debt cuts and higher growth .. The Finance Minister reveals financial performance figures


12:24 PM

Tuesday 14 January 2020

Books – Ahmed Abdel Moneim:

Dr. Muhammad Moait, Minister of Finance, reviewed, during the weekly meeting of the Council of Ministers, a report on the financial performance for the period from July to December 2019, as well as updated estimates for the fiscal year 2019/2020.

Masrawy monitors the 10 most important economic indicators of financial performance during the period from July to December 2019, which are as follows:

– The Ministry of Finance achieved an initial surplus of 2% of GDP in 2018/2019 compared to an initial deficit of 3.5% of GDP in 2015/2016.

– Egypt managed to reduce the budget of the public budget agencies from 108% of GDP in June 2017 to about 90% of GDP in June 2019.

– Egypt succeeded in achieving the highest growth rate in the Middle East and North Africa and by emerging countries.

Achieving an initial surplus of 30.5 billion pounds (0.5% of output) compared to an initial surplus of 20.8 billion pounds (0.4% of output) during the same period in the previous year.

– The public treasury paid early (during the first quarter of 2020/2019) about 33 billion pounds (0.56% of the output) in favor of pension funds and they represent the full interest dues in favor of the funds for the whole year instead of paying most of this amount in June.

In July 2019, the government announced the implementation of a package of comprehensive social measures for the current year at a cost of more than 60 billion pounds, which included increasing the minimum comprehensive wage for workers in the country, increasing pensions, increasing the numbers of beneficiaries of the takaful and dignity programs, and conducting the largest promotions process in the administrative apparatus to increase Entry staff and raise their purchasing power.

– Government investments totaled 64 billion pounds during the period July – December 2019, of which about 56 billion investments are financed from the treasury, with an annual increase of 41% over the previous year.

– The government’s debt ratio to GDP fell from 83.8% in June 2019 to 78.3% in November 2019, and the government’s debt to GDP is expected to reach 83% in June 2020.

– The annual growth rate of public revenues increased by 0.5% during July – December 2019, as non-sovereign revenues increased by about 21 billion pounds, and the annual growth rate of government expenditures increased by 8.2% during the first half of the fiscal year 2019/2020.

– Monitoring the improvement of the net relationship between the public treasury and the oil sector and achieving a surplus in favor of the treasury during the first quarter of the current fiscal year 2019-2020, at a value of 3 billion pounds for the first time in years.

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