The Egyptian government allocated L.E. 1 billion to subsidize food commodities and bread to ensure their availability for about 71 million citizens, according to the financial statement of the new budget for the year 2022/2023 submitted to the House of Representatives.
The statement further stated allocating: 22 billion pounds were allocated by the government to increase beneficiaries of “solidarity, dignity and social security” for four million families; L.E. 3.5 billion to connect natural gas to about 1.2 million housing units; L.E. 7.8 billion pounds to finance social housing initiatives; L.E. 10.9 billion for health insurance and treatment at the state’s expense, with the gradual expansion of the comprehensive health insurance system in the governorates, and L.E. 18.5 billion for medicines and medical supplies.
The statement pointed to the continued support for the “100 million health” initiatives to eliminate the Hepatitis C and waiting lists, raising the efficiency of hospitals, and launching the presidential initiative to increase intensive care beds and nurseries.
According to the financial statement of the new budget for the year 2022/2023 submitted by the government to the House of Representatives, L.E. 191 billion pounds have been allocated to pension funds.
The financial statement indicated that the constitutional entitlements of the health, education and scientific research sectors have been met, despite all the global challenges and the pressures they impose on the state’s general budget, as 310 billion pounds were allocated for health, 476.3 billion pounds for university and pre-university education and 79.3 billion pounds for scientific research.
This comes in a way that contributes to boosting spending on human development, pointing to the provision of the necessary funding to complete national projects, including: the presidential initiative of “Haya Karima” that aims to achieve comprehensive development in all rural villages.
The financial statement stressed that the government is working during the new fiscal year 2022/2023 to achieve ambitious goals, in light of an exceptionally turbulent global scene, where the total revenue targeted in the new budget draft is L.E. 1.5 trillion and 18 billion, while the total expected expenditures are L.E. 2 trillion and 71 billion.
The government aims to record a primary surplus of L.E. 132 billion at a rate of 1.5%, and reduce the total deficit to 6.1% of GDP, compared to a total deficit of 12.5% at the end of June 2016, and put the debt rate on a sustainable downward path to reach less than 75% of GDP during For the next four years, we aim to reduce the debt rate to 84% of GDP, compared to 103% at the end of June 2016.
Source: Egypt Today Magazine