Egypt’s financial performance indicators from July to March in current fiscal year 2020-2021 saw an unprecedented improvement as a result of economic/financial policies and reforms pursued by the government recording an initial surplus of LE25 billion despite COVID-19 repercussions, Finance Minister Mohamed Maait announced. In a Tuesday statement, the minister said that the the annual growth rate of revenues rose by 14.6 percent despite the continuing negative repercussions of the pandemic on the economy. The minister added that the total tax revenues increased by about 13.5 percent compared to the same period of the last fiscal year, which translated into great efforts to strengthen the governance of the tax administration system by moving forward with projects to develop and automate tax procedures. He added that around LE45.7 billion was disbursed to support food commodities, at an annual growth rate of 23.8 percent, and LE12.9 billion for social security pensions and the Takaful and Karama initiative at an annual growth rate of 7.3 percent . It is targeted to reach between 3.8 and 3.6 years, at the end of June 2021, he added.

Source: Egypt Independent April 07, 2021 11:48 UTC