28 May 2023 04:27 PM

Finance minister: Global economic challenges not to obstruct establishment of ‘New Republic”

Friday، 31 March 2023 - 09:02 PM

Minister of Finance Mohamed Maait said Friday that the cabinet okayed the draft budget of Fiscal Year 2023-2024, which coincided with exceptional circumstances the global economy is witnessing and imposed harsh pressures on the budgets of almost all countries around the world including Egypt.

In a statement, he said the global economic challenges will not obstruct the establishment of the ‘New Republic” whose pillars had been laid out by President Abdel Fattah El Sisi to improve the living conditions of citizens.

He described the financial appropriations for investments as unprecedented, saying they hit EGP 306 billion out of total investments amounting to EGP 586.7 billion.

The minister said allocations in the coming FY's budget for the state's administrative apparatus, local administration and public service authorities reach 3 trillions with a 44.4 percent rise to improve services offered to citizens.

He said the government is keen on carrying on with the implementation of “Decent Life” presidential initiative which aims at ameliorating living conditions in rural areas across the nation, pointing out that the initiative is the biggest project in Egypt’s history as it would improve the quality of life of 60 percent of Egyptians.

The finance minister said the appropriations allocated for university and pre-university education and scientific research in the new budget have been increased by EGP 48.6 billion to reach EGP 305.2 billion recording a 19 percent rise.

Also, allocations for the health sector have been increased by 14 percent to hit EGP 111.2 billion in the new budget, he added.

According to Maait, EGP 28.1 billion has been allocated to support exports, a matter that will help in disbursing the dues of exporters in 3 months.

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