Maait also demonstrated the budget’s objectives through FY 2026/27
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By Nneka Nwogwugwu
In FY 2021/22, Egypt’s overall budget deficit decreased to 6.1 percent of the GDP, equivalent to EGP 485 billion, down from 6.8 percent, or EGP 472 billion in FY 2020/2021, according to Maait.
Meanwhile, the initial surplus in FY 2021/22 jumped to EGP 100 billion (1.3 percent of GDP), compared to EGP 93.3 billion in FY 2020/21, he added.
In answer to the anticipated loan deal with the IMF, Maait asserted that the deal is still in progress and denied reports about the fund’s request to cancel all the low-interest rates initiatives adopted by the Central Bank of Egypt (CBE) as a condition to complete the deal.
Maait pointed out that the IMF is in discussions with the concerned authorities on the management mechanism of these initiatives, without giving more details.
He noted that the final deal will be announced soon, asserting that the IMF supports all the social protection programmes that Egypt adopts and has not asked the Egyptian authorities to reconsider their allocations.
Meanwhile, the deputy minister for financial policies, Ahmed Kojok, explained that the IMF conducted eight visits to Egypt for the anticipated deal, adding that the ongoing discussions centre on tax and custom policies as well as public spending, subsidies, and green economy.
Regarding the budget performance, Maait said that Egypt attained a real GDP growth of 6.2 percent in FY 2021/22, which is expected to moderate to 5.5 percent in FY 2022/23 and to five percent in FY 2023/24 owing to the Russian-Ukrainian conflict.
Maait said that this rate is expected to jump to seven percent in FY 2025/26 and FY 2026/27.