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The government targets economic growth reflective of living standards, Ministry of Finance - Daily News Egypt

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The government targets economic growth reflective of living standards, Ministry of Finance

Report recommends a monetary scheme to re-prioritize spending, strengthen social protection, and modernise the infrastructure of the economy

A report issued by the Ministry of Finance stated that burden-sharing is needed to reform the economic imbalances that have accumulated throughout the past years.

The Ministry of Finance’s monthly report recommended the government adopt a balanced gradual reform programme that aims to boost economic activity and financial stability, as well as human development and social welfare.

“This requires intensifying efforts and mobilising resources to develop and raise the efficiency of public services and develop the infrastructure of the Egyptian economy so as to contribute to the achievement of significant positive change in everyday life,” the report read.

The report also explained that the government is seeking to create a radical overhaul of the investment climate and business practices by pushing for greater reliance on national and foreign private sectors, along with a strong role for the state as a supporter, organiser, and observer.

From July 2015 to January 2016, the latest financial indicators suggest the presence of a marked improvement in the growth of tax revenue, which rose by 21.6% compared to the same period of the previous fiscal year.

The report attributed the increase to the higher proceeds from taxes on income, profits and capital gains of about 16.8%, and the outcome of the tax on goods and services by about 19.5%, as well as the outcome of real estate taxes by about 23.2%, in addition to 14.9% from taxes on international trade through customs.

The performance of tax revenue improvement was driven by the improvement in economic activity and tax reforms that have been applied since the beginning of the current financial year. The tax-related elements was closely linked to the economic activity and its improvement.

Spending has risen on the subsidies, grants and social benefits by 26.5%, where the money spent on subsidised bread and supply commodities increased by 26.5%. The contribution of the treasury in the pension funds rose by 34%. Moreover, spending on investments stimulation increased by 1.6% compared to the same period of the previous fiscal year.

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