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Monday, 5 July 2021

El Sisi ratifies FY2021-2022 state budget

The FY2021-2022 state budget is now official: President Abdel Fattah El Sisi has ratified yesterday the FY2021-2022 state budget, which will see government spending rise 14%, according to a decision published in the Official Gazette (pdf). The budget will see health spending rise by 16% and education by 10% as the government’s tax reforms lead to a projected 22% increase in revenues. The House approved the budget in mid-June, three months after it received cabinet sign-off.

IN OTHER LEGISLATION NEWS-

The Senate has given preliminary approval to the Unified Budget Act, which brings together several pieces of legislation governing the annual state budget and government accounting into a single bill, reports Ahram Gate. The proposed bill — approved by the cabinet back in October — would, if passed in a final vote by the House of Representatives, also impose new requirements for the government to ensure fiscal discipline. These include spending limits for each ministry, as well as new mechanisms to monitor budgeting performance. It remains unclear when the bill will be up for a final vote at the House.

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