Egypt’s EGP2.2 tln FY2020/2021 budget is largest ever

Egypt’s EGP2.2 tln FY2020/2021 budget is largest ever

Egypt's state budget for the 2020/2021 fiscal year, which begins on Wednesday, is the largest in the country's history at EGP 2.2 trillion.

The budget saw an increase in spending to reach EGP 1.7 trillion, EGP 138.6 billion more than the FY2019/2020 budget, the Ministry of Finance said on Tuesday.

In a statement, the ministry said that all budget payments will be paid using electronic methods, and that all state bodies are committed to submitting their financial enhancement requests through the government financial management information system (GFMIS).

Finance Minister Mohamed Maait said that the new budget includes an increase in public investments of EGP 280.7 billion and a 26.4 percent increase in investments that are financed by the public treasury, to reach EGP 177 billion, compared to EGP 140 billion in FY2019/2020.

This is the largest such increase ever, the minister said, and is directed at accelerating the national economy process and providing new job opportunities.

Maait also noted that all FY2020/2021 allocations have been sent to the beneficiary bodies with a commitment to apply public spending rationalisation rules in line with Egypt's social and economic trajectory and in light of the presidential instruction to implement public spending reprioritising amid