The new fiscal year is set to begin in July, and just like the last year, Egyptian officials are preparing the budget in the middle of the COVID-19 pandemic. However, unlike the budget for FY 2020/2021, which was based on projections preceding the global economic downturn, officials are preparing next year’s budget with the pandemic fully in mind.
While the budget may still be subject to revision, Finance Minister Mohamed Maiet provided the first snapshot of the new fiscal year in a briefing before the House of Representatives last week. In light of the austerity measures that have been a hallmark of Egypt’s economic policy in the leadup to and following the US$12 billion agreement with the International Monetary Fund in 2016, Mada Masr breaks down the social protections aspects of the proposed budget.
Social protection measures include a number of line items for spending on health, education and subsidies.
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