Cairo, Egypt ((CNN) – Egyptian Finance Minister Dr. Mohamed Maait revealed that about 5 million government employees have benefited from President Abdel Fattah El-Sisi, President of the Republic’s decision to increase the salaries of state workers by 37 billion pounds during the next fiscal year 2021/2022, adding that In addition to increasing employee salaries, the government puts its priorities in the budget for the next fiscal year to maintain balanced financial stability in light of the repercussions of the Corona pandemic, and to support and stimulate economic activity without prejudice to the sustainability of budget and debt indicators, to achieve a target growth rate of 5%.
And on the most prominent indicators of the budget for the new fiscal year, Maait said, in exclusive statements to “CNN Arabia”, that the budget for the next fiscal year 2021/2022 aims to increase by 13% to record 1.26 trillion pounds, and increase expenditures by 9% to reach 1.76 trillion pounds. With an expected deficit in the range of 500 billion pounds, achieving a primary budget surplus of 1.5%, and reducing the overall budget deficit by 6.6% of GDP.
The Egyptian President Abdel Fattah Al-Sisi met today, Monday, with Finance Minister Mohamed Maait and his two deputies, Ahmed Kajouk, and Ihab Abu Eish, to discuss the draft budget for the next fiscal year 2021/2022, and Sisi directed to increase the salaries of all employees in the state’s administrative apparatus by a total of about 37 billion EGP, raising the minimum wage to 2,400 pounds, approving two bonuses at a cost of about 7.5 billion pounds, increasing additional incentives at a total cost of about 17 billion pounds, and promoting employees who meet the promotion requirements.
The fiscal year in Egypt begins on July 1 and ends on June 30, and the Egyptian constitution stipulates that the state’s draft budget, with all its revenues and expenditures, without exception, shall be submitted to the House of Representatives, at least 90 days before the start of the fiscal year, and it shall not be effective without his approval.
For his part, MP Yasser Omar, deputy of the Plan and Budget Committee in the House of Representatives, believes that increasing the minimum wage to 2,400 pounds is a surprise of the draft budget for the next fiscal year 2021/2022; Because this increase came in light of the repercussions of the new Corona virus pandemic, and in light of the government’s targeting the continuation of its plan to reduce the budget deficit by rationalizing expenditures, noting that this is the second increase in the minimum wage during the last 6 years, starting from setting it at a value of 1200 pounds and then increasing it to 2000 pounds, and after the president’s directive, it will become 2400 pounds in the budget for the next fiscal year.
Omar expects, in exclusive statements to “CNN in Arabic”, that the government will aim to achieve a growth rate of 5.5% in the next fiscal year 2021/2022, which is the same target rate before the emergence of the Corona pandemic, indicating that the draft budget will be presented to the House of Representatives before the end Current month.
