Egypt PM: The draft budget of 2022-2023 raises the standard of living for 60% of Egyptians

Egyptian Prime Minister Mostafa Madbouly held a meeting on Sunday to review the main features of the state’s draft general budget for the fiscal year 2022/2023, in the presence of Finance Minister Mohamed Maait, Deputy Minister of Finance for Financial Policies Ahmed Kouchouk and Head of the State Budget Sector Ali al-Sisi.

Madbouly said that the draft budget for the fiscal year 2022/2023 includes provisions to complete the implementation of the projects of the “Decent Life” presidential initiative, one of the state’s largest development projects.

It aims to raise the standard of living of 60 percent of Egyptians, and enables citizens to benefit from the fruits of economic growth in a fair, inclusive and sustainable manner.

Madbouly stressed that the draft budget for the fiscal year 2022/2023 comes under President Abdel Fattah al-Sisi’s directives regarding the expansion of the volume of public investments.

He added that the draft budget witnessed an increase in the volume of spending to implement development and service projects in various sectors, which contributes to raising the efficiency of the level of services provided to citizens through these sectors to improve their standard of living and facilitate decent livelihoods.

The Finance Minister indicated that the draft budget for the new fiscal year 2022/2023 aims to continue strengthening the movement of economic activity, in light of dealing with the repercussions of the coronavirus pandemic, by carrying out many broad structural reforms in various fields.

He said that this will contribute to pushing the private sector to drive economic growth, and will help in localizing industry, increasing productivity, deepening the local component and stimulating exports – in an effort to maximize efforts to create an investment climate, encourage investors, and overcome obstacles.

This supports the trend towards expanding productive activities, paying attention to small and medium enterprises, manufacturing industries, and expanding the use of clean sustainable energy sources, Maait said.

The Finance Minister also said that a community dialogue will be conducted on the state’s draft general budget for the fiscal year 2022/2023, and its basic strategic objectives, as well as its financial targets.

Eight groups comprising various groups of society were chosen to hold these meetings, he explained, and to discuss and review proposals of the draft budget for the new fiscal year.

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