57.7% increase in the volume of investments in Egypt during 2017

Media In – Cairo, May 30,
The final account for the fiscal year 2016/2017 showed a significant improvement in the performance of public finances in Egypt through a number of positive indicators which represented a decrease in the overall deficit ratio of the state budget to 10.9% of GDP compared to 12.2% for the previous fiscal year. The first deficit fell to 1.8 percent from 3.5 percent from the previous fiscal year.
The Minister of Finance, Amr al-Jarhi, said that the final accounts of the state budget 2016/2017 witnessed an increase in the volume of public spending, including most of the gates of the general budget. The expenditure on the social dimension increased by increasing wages and compensation of workers, an estimated 225.5 billion pounds this year Compared with LE 213.7 billion in the previous fiscal year, an increase of 5.5%. Expenditure on subsidized goods increased by 47.5 billion pounds compared to 42.7 billion pounds in the previous fiscal year, an increase of 11.1%. Takaful and dignity.
The improvement in the indicators of the final accounts of the state budget was attributed to the fiscal year 2016/2017, with the increase in revenues exceeding the increase in the percentage of increase in expenses. The revenues increased by 34.1% while the expenditure rate increased by 26.2%. The rate of repayment of domestic and foreign loans increased to 9.4% and the interest rate increased by 29.9%.
The minister pointed out that the reason behind the additional adoption of the final account of fiscal year 2016/2017 is due to the adoption of a number of important decisions, which included the liberalization of the exchange rate and high interest rates as well as the high price of oil.