Egypt allocates EGP 500b for Decent Life programme – FinMin

Egypt’s government has allocated 500 billion Egyptian pounds ($10.16 million) for the first two phases of the national project Haya Karima (Decent Life), aimed at improving the lives of half of Egypt’s population and enhancing public services, Minister of Finance Ahmed Kouchouk announced on Tuesday.

In his first press conference since taking office, Kouchouk revealed that tax revenues have increased by 30 per cent, which has been channelled into health, education, and social protection programmes.

He noted a 60 per cent growth in revenue, surpassing the growth rate of expenditures. Additionally, non-tax revenues surged by 190 per cent due to diversified state revenues, including a 50 per cent share from the Ras Hekma deal.

The minister also reported a 25 per cent increase in education spending, a 24 per cent rise in health sector funding, and a 20 per cent boost in social protection spending over the past fiscal year, all exceeding the 18 per cent growth rate in non-debt-related expenditures.

Export support reached 12.9 billion pounds, bringing the total export assistance provided to over 65 billion pounds for more than 3,000 companies since October 2019, he added.

Furthermore, 2,527 investors benefited from the support initiative for productive sectors, receiving approximately 80 billion pounds.

Kouchouk acknowledged that debt servicing remains high due to inflation and interest rates, with the government aiming to reduce it to 35 per cent of total expenditures in the medium term.

Attribution: The Egyptian Cabinet