Cairo – Mubasher: Egypt is continuing the implementation of economic reforms without imposing any additional burdens on citizens, Minister of Finance Mohamed Maait said.
Reforms will enable the government to boost developmental investments with the aim of improving the quality of life and creating new jobs, Maait noted in a statement on Wednesday.
The financial indicators showed that the country achieved a primary surplus of EGP 48 billion in the first 10 months of fiscal year (FY) 2020/2021 despite the repercussions of the coronavirus (COVID-19) pandemic.
The government also allocated an additional funding of EGP 31 billion for establishing developmental projects, bringing the total value of implemented governmental investments incurred by the Ministry of Finance to EGP 194.7 billion, registering an annual increase of 72.3%.
During his meeting with the Australian Ambassador to Cairo, Glenn Miles, Maait noted that the country maintained a positive growth of 3.6% in FY19/20.
The government plans to achieve an economic growth rate of 2.8% in FY20/21 and 5.4% in FY21/22.
The country also adopted several incentive programs to help the private sector expand its investments, he added, noting that the total value of disbursed export subsidy arrears has exceeded EGP 25 billion since the beginning of the pandemic.
