Publication of 2019\/2020 budget reveals the government\u2019s target to raise economic growth rate to 6.5 percent, compared to 5.3 percent in fiscal year 2017\/2018, to reach a domestic product of LE 6.214 trillion. <\/p>\n
The publication also showed a target to achieve primary surplus of 2 percent before deducting the interest rates of the public debt, which contributes to reducing the state’s budget deficit to 7 percent and decreasing the inflation rate to 10.9 percent on a year-on-year basis. <\/p>\n
The Ministry of Finance said in a statement that Finance Minister Mohamed Ma\u2019it determined five main objectives for financial and economic policies during the new fiscal year. <\/p>\n
The objectives included the provision of all necessary financial allocations to protect national security, preserve national sovereignty, raise awareness of the dangers surrounding the country, improve the standard of living, respect the rights of the poorest and marginalized groups, increase the insurance umbrella and social safety nets and improve the efficiency of the health care system. <\/p>\n
Ma\u2019it added that the third objective is to focus on the economic development and achieve high economic growth rate, so as to overcome the existing challenges and reduce the rates of inflation, unemployment and the deficit of the general budget to be able to cope with the consequences of the rapid population growth. <\/p>\n
According to Ma\u2019it, the fourth objective focuses on doubling the investment rates to accelerate economic development while stimulating foreign direct investment in the presence of strict measures to ensure the high economic and social returns, such as its impact on the levels of operation, export and modern technology. <\/p>\n
The fifth objective focuses on raising the efficiency of government performance through achieving integration and coordination between different ministries and bodies, controlling financial and administrative corruption, and implementing the comprehensive plan for administrative reform. <\/p>\n
He pointed out that the next fiscal year’s budget will take into account achieving the goals of the economic reform program and the sustainable development plan adopted by the government from 2018 to 2022, targeting to raise the rate of growth gradually to reach 8 percent in the last year of 2021\/2022 program. <\/p>\n
Raising the growth rate requires elevating the investment rate to about 25 percent, with the gradual reduction of unemployment rates to 8 percent by working to expand the absorptive capacity of the Egyptian economy to provide about 900,000 jobs annually, according to the minister. <\/p>\n
He added that it also needs to decrease poverty rates to 25 percent by the end of the program, the budget deficit to 5 percent, trade deficit to 7.7 percent and the public debt to less than 80 percent of GDP. <\/p>\n
The minister pointed out that the new budget will also witness the continuation of plans for urban expansion through the establishment of new cities and communities to accommodate about 10 million people, expanding the use of clean technology and recycling projects to implement the concept of green economy and environmentally friendly projects. <\/p>\n
Ma\u2019it said that the new fiscal year will witness a group of reforms including a taxes program especially tailored for small and medium enterprises to be included into the formal economy, completing the reforms of the customs system, and the development of real estate taxes. <\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Publication of 2019\/2020 budget reveals the government\u2019s target to raise economic growth rate to 6.5 percent, compared to 5.3 percent in fiscal year 2017\/2018, to reach a domestic product of LE 6.214 trillion. The publication also showed a target to achieve primary surplus of 2 percent before deducting the interest rates of the public debt, […]<\/p>\n","protected":false},"author":40,"featured_media":115509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[2484,36344,44048],"class_list":["post-115508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-egypt","tag-finance-minister","tag-mohamed-mait"],"yoast_head":"\n