Al-Sisi reviews Egypt’s economic performance since July 2020

SourceDaily News Egypt

Expenditures supporting Egypt's economic growth hiked 23%, to record EGP 392bn, while social protection programmes allocations increased 24% Egypt's President Abdel Fattah Al-Sisi met with Prime Minister Mostafa Madbouly and Minister of Finance Mohamed Maait, on Saturday, to review the Egypt's economic and financial performance indicators from July 2020 to January 2021. Al-Sisi directed for the government to continuously follow up on and study the impacts of the novel coronavirus (COVID-19) pandemic on the global and regional economic situation. "The review was undertaken so that the government can take the appropriate financial measures to deal with these challenges, and preserve the gains of economic reforms," Presidential Spokesperson Bassam Rady said. During the meeting, Maait presented the financial situation of the state's general budget during the past seven months.

He said that Egypt achieved a primary surplus of EGP 18. 1bn during the time period under review, and managed to raise revenues by 16%, while expenditures increased by 12. 4%. Moreover, Egypt's total budget deficit dropped to 4. 4%, from 4. 6% during the same period in the last fiscal year (FY), he added. Maait also pointed to the increase in the volume of government investments in different sectors, especially infrastructure more...