EGP 701.1 billion .. Egyptians pensions in 4 years
Shrouq
Dr. Mohamed Maait, Minister of Finance, announced that among the goals of the state’s general budget is to increase revenues in 2023/2024, by 37%; to reach 2 trillion and 142 billion pounds.
Maait indicated that the total sums transferred from the state’s public treasury in favor of pensions in 4 years amounted to 701.1 billion pounds, saying:” This is unprecedented in the history of Egypt”.
The minister confirmed that the new draft budget aims to increase tax revenues to reach EGP 1.530 billion.
High rates of inflation
The Minister of Finance stressed that the continuation of financial discipline comes in light of the high rates of inflation. Due to high interest rates and transportation costs, stressing work to reduce debt by continuing to work on financing infrastructure programs.
Maait indicated that the proceeds of tax revenues achieved a growth rate of 27.5%, despite the severe turmoil and low purchasing power of citizens, and other factors.
National projects
The Minister of Finance affirmed the continuation of strengthening services, completing support for national projects, health and education, and paying attention to a decent life project in many villages in the Republic.
Maait noted work to increase revenues by expanding the tax base, accelerating comprehensive mechanization and encouraging the informal economy to enter the formal system of the state.
Maait indicated that the new budget to fulfill the constitutional entitlement of the health sector with 397 billion pounds, as well as the university and pre-university education and scientific research sectors with 691.5 billion pounds.
He explaining that 470 billion pounds were allocated for wages to improve the conditions of state workers, and the disbursement of a package was early.
Improving wages The minimum limit for the total increases decided for state workers for state workers and those with special cadres was not less than 1,000 pounds per month as of April 2023, and the annual estimated cost of increasing the minimum amount was 14 billion pounds.
