Sisi orders the government to prepare measures to mitigate the effects of the global economic repercussions in Egypt – Politics – Egypt

Egyptian President Abdel-Fattah El-Sisi during his meeting with Prime Minister Mostafa Madbouly and officials in Cairo on Sunday (Photo: Egyptian Presidency)

The guidelines were announced during El-Sisi’s meeting with Prime Minister Mostafa Madbouly, Finance Minister Mohamed Maait, Social Solidarity Minister Nevine El-Qabbaj, among other senior officials.

The meeting reviewed the draft budget for the fiscal year 2022/2023, presidential spokesman Bassam Rady said in a statement after the meeting.

Maait briefed the President on the main indicators of the 2022/2023 draft budget, which aims to reduce the total deficit to around 6.3% of GDP and achieve a primary surplus of 1.5% of GDP.

The draft budget also aims to reduce the debt of general budget agencies from GDP to around 80.5%.

Revenue growth rates are expected to increase to 17% to approximately EGP 1.4 trillion (approximately $89 billion), while expenditure growth rates will increase to 16% to approximately EGP 2.7 trillion ( approximately $172 billion), including EGP 365 billion for investment, EGP 400 billion for salaries and EGP 323 billion for the social support system.

Abdel-Fattah El-Sisi was also briefed on efforts to develop the tax system, particularly with regard to the electronic invoicing system, as well as the executive position on measures to combat tax evasion.

The President also reviewed the amendments to the income tax bill, as well as a new strategy for the development of the customs system.

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