Egypt’s economic indicators are good and growth rates have increased to about six per cent during the first half of the current fiscal year, says Finance Minister Hany Kadry.
Kadry says Egypt’s fiscal policy aims at accelerating the economy, improving services and creating job opportunities, noting that citizens’ needs still outweigh the financial resources available.
The Egyptian minister reveals that the current fiscal year’s budget witnessed an increase in the allocations of health and education to 20 per cent of the total spending, while spending on energy subsidies increased to 16 per cent.
The next fiscal year’s budget will allocate EGP11 billion to social security pensions as well as permitting the registration of newborns for Smart cards for subsidised bread, he adds.
The financial situation is very harsh, forcing the Ministry of Finance to borrow money in order to achieve comprehensive development, economic growth and a real renaissance at the national level.
It is noteworthy that the Egyptian government is trying to protect the low- and middle-income classes through the legislation of new laws on trade and investment and, despite regional circumstances, the international credit rating institutions have raised the rating of the Egyptian economy in the recent period.