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04:19 am
Wednesday 06 May 2020
Books – Mohamed Abdel Nasser:
The Minister of Finance, Dr. Muhammad Ma’it, attended the meeting of the Parliament’s Plan and Budget Committee, chaired by Dr. Hussein Issa, Chairman of the Committee. Present the main characteristics of the draft state budget and economic organizations and the draft budget of the National Authority for Military Production for the fiscal year 2020-2021.
The Minister of Finance made several statements and information, which were as follows:
– The next budget project was expected to reach an initial surplus of 2%, but after the Corona crisis, this surplus is expected to decrease to just 0.6%.
– The budget project is expected to reach a total deficit of 6.2%.
The total deficit rate is expected to increase to approximately 7.8% if the crisis continues until December 31, 2020.
There is a government plan to reduce the total deficit to less than 5% by 2021-2022.
– The government achieved a deficit of 9.8% in 2017-2018 and 8.2% in 2018-2019, and the current fiscal year 2019-2019 was intended to end with a total deficit of 7.2%.
– The current fiscal year is expected to end with a deficit between 7.8% and 7.9%.
– “We want to get out of the current crisis, and we can go back again to continue increasing growth rates.”
-: “We are between two fires; the fire of dealing with the crisis, especially with regard to wage and supply requirements, and at the same time there is a crisis in financing.”
– Income will be affected and must be dealt with: “But I cannot speak in the loaves of life and wages. Therefore, the production wheel must return.”
The State Resources Development Law approved by the House of Representatives is part of the increase in income.
– The Egyptian economy can coexist despite being affected by the current crisis.
Deferring payment of debts is an idea that requires collective action across a group of countries.
– There is no fee for air tickets and departures, “which requires parliamentarians to report on various sectors within a month.
There are major problems with VAT collection, and it has not been collected correctly.
– VAT was also affected by the fall in the price of the dollar; When the value was calculated at the price of the dollar 18 pounds, and when it decreased to 15 pounds, the proportion of the value decreased.
