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Finance: The budget deficit decreased from 12% in 2013 to 7.8 in 2021

Mohamed Maait, Minister of Finance, confirmed that the June 30 revolution is a rebirth of Egypt, as the Egyptians, with their free will, wrote a luminous history in golden letters, in which they chose life, construction and reconstruction; They refuse to submit to the forces of evil, explaining that President Abdel Fattah al-Sisi succeeded in launching the largest development movement to change the face of life on the land of Egypt, improve the lives of citizens and improve the services provided to them. firmly on the path of development; To build the new republic in Egypt, of which the implementation of the comprehensive health insurance system is one of its pillars, as the dream of all Egyptians is achieved in providing comprehensive and integrated health care for all family members.


The minister said that President El-Sisi was able, with the wise vision of a loyal national leader, to launch the economic reform program, which reflects the will of the people to assume national responsibility. He deserved to reap the fruits of the years of "challenge and achievement", explaining that had it not been for the political stability in Egypt, which President Sisi has firmly established in light of a turbulent region suffering from political crises, we would not have succeeded in achieving the economic reform program, and economic progress would not have been achieved and we would not have been steadfast in the face of “Corona”, in a manner embodied in positive results that are still praised by international institutions, as the International Monetary Fund continued to praise the performance of the Egyptian economy in light of Corona, and confirmed, following the recent review of the credit readiness program, that the results of financial indicators exceeded expectations, and exceeded the targets, including Reflects the strong performance in the field of financial policies, and achieving a balance between preserving the health of citizens, and the continued rotation of the wheel of production.


The minister explained that the budget deficit decreased from 12% in the fiscal year 2013/2014 to 7.8 during the fiscal year 2020/2021, and is expected to reach 6.7% in the next fiscal year, and a primary surplus of 1.8% was achieved from The GDP in 2019/20, and 1.1% during the fiscal year 2020/2021 instead of an initial deficit of 3.5% in 2014/2015, and the unemployment rate decreased from 13.3% in 2014/2015 to 7.2% in December 2020; To record the lowest level, the inflation rate from 22% in 2017 to 4.5% in March 2021, and the growth rate increased from 4.4% to 5.6% in the fiscal year 2019/2020, the highest growth rate since the global financial crisis in 2008 It is also considered one of the highest rates among emerging markets, pointing out that the growth structure has become more diversified and balanced, as it includes all sectors including manufacturing, tourism, construction, trade, oil and gas, and investments and exports have become the main drivers of growth, and the foreign exchange reserves jump from 12 billion The dollar in 2014 increased to more than 40 billion dollars last April, covering more than seven months of the bill of goods and services imports. The liberalization of the exchange rate has led to a significant decrease in the current account deficit, improvement in foreign exchange flows, and an increase in foreign investments in domestic treasury bills and bonds since Beginning of 2019


The minister stressed that the economic reform was based on raising the efficiency of public spending, rationalizing consumption and delivering support to those who deserve it through effective programs for protection and social support for the most needy groups, and increasing spending on health and education from 115 billion pounds in 2014 to 663.7 billion pounds, which is a total of what was allocated In the new budget for the fiscal year 2021/2022, exceeding the constitutional entitlement rates, and increasing food subsidies from 39.4 billion pounds in 2014 to 87.2 billion pounds, and the largest social housing program for low and middle incomes in the world has been implemented, where about 750,000 fully-finished housing units for their owners, noting that the financial allocations for support in the state’s general budget rose during the past seven years from 198.5 billion pounds in the 2014/2015 budget to about 321 billion pounds in the new budget.