By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
    World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
    March 28, 2023
    EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
    March 28, 2023
    Australian government strikes deal on climate policy
    Australian government strikes deal on climate policy
    March 28, 2023
    EGX signs MoU to expand scope of regional climate action
    EGX signs MoU to expand scope of regional climate action
    March 28, 2023
    Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion
    Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion
    March 28, 2023
  • Politics
    PoliticsShow More
    Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
    Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
    March 28, 2023
    Kenyan police clash with anti-government protesters
    Kenyan police clash with anti-government protesters
    March 28, 2023
    Russia to stay in World Trade Organization: Russian diplomat
    Russia to stay in World Trade Organization: Russian diplomat
    March 28, 2023
    Israeli PM calls for calm amid turmoil over government's judicial overhaul
    Israeli PM calls for calm amid turmoil over government’s judicial overhaul
    March 28, 2023
    Libyan parties agree to unify all state institutions: UN
    Libyan parties agree to unify all state institutions: UN
    March 28, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: We seek to reduce debt-to-GDP ratio to less than 90% by end of FY2021/22: Finance Minister
Share
Notification
Latest News
World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
Business
EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
Business
Australian government strikes deal on climate policy
Australian government strikes deal on climate policy
Business
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
World Politics
Kenyan police clash with anti-government protesters
Kenyan police clash with anti-government protesters
World Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > We seek to reduce debt-to-GDP ratio to less than 90% by end of FY2021/22: Finance Minister
Business

We seek to reduce debt-to-GDP ratio to less than 90% by end of FY2021/22: Finance Minister

Daily News Egypt
Last updated: 2022/04/09 at 10:23 PM
By Daily News Egypt 3 Min Read
Share
SHARE

Minister of Finance Mohamed Maait announced that the government seeks to reduce the debt-to-GDP ratio to less than 90% by the end of FY2021/22 and to 85% by 2025.

This came in a virtual meeting with representatives and investors of The Bank of America Symposium that was held last week.

“We succeeded in achieving a strong growth rate of 90% of GDP in the first half of the current FY despite all the negative repercussions of the coronavirus pandemic, including the disruption in supply chains, a sharp inflationary wave, and high prices of goods and services,” Maait said.

“We aim to achieve a growth rate of 5.7% of GDP by the end of the FY this June in light of the severe global economic effects that most of the world’s economies are suffering from as a result of the current Russian-Ukrainian conflict.”

He added that despite all the successive global economic challenges, a primary surplus of 1.3% of the GDP is targeted, along with a budget deficit of less than 6.2%.

“We are keen to continue the development and mechanisation operations that the various sectors of the ministry are witnessing to modernise the state’s public financial management systems and enhance the governance of the expenditure and revenue system. This should contribute to raising the efficiency of tax collection, expand the tax base, improve public spending, and maximise the use of state resources,” he said.

He also pointed out that tax revenues increased by 13.6% during the period from July to February of FY2021/22, expressing hope that this percentage would increase by the end of the FY.

Furthermore, the minister stressed that the finance ministry took into account the current global economic challenges in the budget for FY2022/23. The government announced a package of social measures to support societal groups most affected by economic fluctuations, as EGP 2.7bn were allocated to include half a million families for beneficiaries of the ‘Takaful wi Karama Initiative’s’ umbrella, as well as increase the periodic and special bonuses for state workers, along with pensions to be disbursed in April instead of the beginning of the new FY.

This is in addition to raising the personal tax exemption limit from EGP 9,000 to EGP 15,000, bringing the total tax exemption limit to EGP 30,000, which means that incomes up to EGP 2,500 per month are tax-exempt.

He also pointed out that there is a reassuring level of public reserves in the budget for the current and next FYs through which the ministry can deal flexibly with the severe global price fluctuations for most basic commodities witnessed by international markets and reduce the burdens on citizens as much as possible.

You Might Also Like

World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate

EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International

Australian government strikes deal on climate policy

EGX signs MoU to expand scope of regional climate action

Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion

TAGGED: debt-to-GDP
Share this Article
Facebook Twitter Email Print
Previous Article European official to visit Egypt to discuss preparations for COP 27
Next Article Egypt, KFAED sign $2.5m grant agreement for feasibility studies on railway linking Egypt and Sudan
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
World-leading UK hospital signs partnership with specialist healthcare investment firm, Elevate
Business
EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
Business
Australian government strikes deal on climate policy
Australian government strikes deal on climate policy
Business
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
World Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?