The Ministry of Finance in the Egyptian government revealed that it aims to increase revenues between 13% and 15% in the draft budget for the next fiscal year 2022/2023.
Deputy Minister of Finance for Fiscal Policies, Ahmet Kocek, explained that these Indicators enable the Egyptian government, by providing allocations for improving wages and rewarding workers, as well as providing sufficient funds to improve infrastructure, as well as reducing the deficit and achieving debt targets.
The Egyptian government aims to achieve economic growth in the draft budget for the fiscal year 2022/2023, by about 5.7%, and aims to reduce the debt ratio to less than 90% of GDP during the next fiscal year.
Earlier, the Ministry of Finance raised its forecast for the general budget deficit in the fiscal year 2022/2023, to 6.3% from a previous forecast of 6.1%, and also expected to achieve a primary surplus of 1.5% in 2022/2023.
A few days ago, Egyptian President Abdel Fattah El-Sisi decided to increase the minimum wage by 13% to EGP 2,700, from EGP 2,400 currently. Thus, the wages item in the new budget will be increased to about EGP 400 billion, from the 361 billion estimated in the current budget 2021/2022, with an increase It amounted to about 39 billion pounds, an increase of 10.8%.