Egypt targets a growth rate of 6.4 percent during the fiscal year 2020/2021, Minister of Finance Mohamed Ma’it said Monday.
Ma’it added that in the preliminary statement for the next fiscal year, the government aims to reduce the overall deficit rate to 6.2 percent, with the public debt to GDP ratio falling to 80 percent by completing fiscal controls to increase the competitiveness of the Egyptian economy.
The Egyptian Ministry of Finance issued the preliminary financial statement of the draft state budget for the fiscal year 2020/2021. “The FY2020-2021 budget is a budget for structural reform,” Ma’it stated.
The finance minister clarified that the budget focuses on deep and wide-ranging structural reforms in a wide range of areas to encourage the private sector to drive the economic growth, pointing to the launch of a new export subsidy package with clear performance indicators that allow a more competitive export base and higher value-added products.
He added that the ministry will adopt a more dynamic system for allocating industrial lands to support competitiveness and transparency, introducing a simplified system for SME taxes, supporting the independence and capabilities of the Competition Authority, completing the IPO program during the year and focusing on the automation of government services.
In October, Planning Minister Hala al-Saeed said that the Egyptian economy grew 5.6 percent in the first quarter of fiscal year 2019/2020, compared to 5.3 percent a year earlier.