Egypt: Wages increased by £39bn in new budget

Today, the Egyptian House of Representatives approved a bill on the new general budget of the state for the 2022/2023 financial year.

The House of Representatives also approved bills linking the budgets of the economic authorities and 59 agencies, and the use of the state’s total budget reached £3 trillion 66 billion, with expected revenues for the new financial year reaching £1.5 trillion, compared to expenditures estimated of £2 trillion, leading to an increase in volume The cash gap widened from £472.6bn this year to £553bn over the new year, and the overall deficit widened to £558bn from £475.5bn pounds. billion pounds this year.

The draft state budget for the financial year 2022/2023 provides for an increase in civil servants’ salaries and compensation, which is expected to reach around £400bn, up from £361bn this year, an expected increase of £39bn. , in addition to an increase in support allocations, grants and social benefits of approximately £34 billion 692.5 million, for a total of £355.9 billion over the new financial year compared to £321.3 billion in the current financial year. year.

Expected revenue of £1.5 trillion, expected spending of £2 trillion, expected cash gap of £553 billion, wages and workers’ compensation of £400 billion, growth of £39 billion, support, grants and social benefits. £355.9bn, £1.2tn expected to be collected in taxes and £558bn in net borrowing and £965.4bn in loans expected to be repaid .

Source: at home

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