Egypt's stocks close in red on Monday as benchmark EGX 30 dips 0.07%    Egypt's stocks start week higher, benchmark EGX 30 gains 0.48%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



FY2019/2020's primary surplus raised to EGP 38 bln, up from EGP 28.5 bln: Egypt's finance minister
Published in Ahram Online on 16 - 03 - 2020

Egyptian Minister of Finance Mohamed Maait unveiled that Egypt's fiscal performance indices over the past eight months of FY2019/2020 were good, attaining a primary surplus of EGP 38 billion, accounting for 0.5 percent of GDP, up from EGP 28.5 billion, 0.5 percent of GDP compared to the previous fiscal year.
Maait said in a statement that the overall deficit recorded 4.9 percent, clarifying that financial burdens and obligations were paid early from October to December 2019 instead of the scheduled April to May 2020, which reflects the stability of Egypt's fiscal situation.
He said that there are presidential instructions for FY2020/2021 to focus on the middle class, priority care groups, education, healthcare, manufacturing and export boosting initiatives.
Furthermore, according to the minister, the draft budget for FY2020/2021 is about to be finalised next week, and will be submitted to the cabinet and then to parliament before the end of March.
He added that the new tax system, which will be included in the FY2020/2021 budget in light of the recent presidential economic policies, includes a new category for payroll taxes, as a 25 percent tax will be imposed on those whose annual income exceeds EGP 400,000.
Meanwhile, Vice Minister for Financial Policies and Corporate Advancement Ahmed Kojok explained that the FY2020/2021 draft budget targets a primary surplus of 2 percent of GDP, lowering the budget deficit to 6.2 percent and bringing the public dept to GDP ratio to 80 percent.
He added that it will also involve a package of procedures and initiatives aimed at enhancing social protection, human development, and backing economic activity.


Clic here to read the story from its source.