Minister of Finance Amr El-Garhy approved the final calculation of the public budget for the fiscal year (FY) of 2015/2016 with a total deficit of 12.2% or EGP 339.5bn, compared to 11.5% in FY 2014/2015.
According to the ministry’s statement on Tuesday, public revenues increased by 5.6% to register EGP 491.5bn owing to a boost in tax revenues, as compared to EGP 465.2bn for the final calculation for FY 2014/2015.
Public expenditure increased by 11.5% to register EGP 817.8bn, compared to EGP 733.3bn in FY 2014/2015. Salaries account for 26% of public expenditure.
Spending on social programmes represents 49.5% of total expenditure; 80.6% of revenues, or EGP 43bn, are collected to support supply commodities. This has increased by 8.5%, or EGP 3.3bn, from FY 2014/2015.
Money allocated for electricity subsidies increased by EGP 5bn; health insurance and pharmaceutical subsidies increased by 19.7%; and the public treasury contribution to insurance and pension funds increased by 32.3% from the last fiscal year.
EGP 1.7bn was transferred from the treasury to the Karama and Takaful programmes, and the allocation to export promotional programmes increased by 43%.
The state spent EGP 98bn on the education sector—an increase of 5.5% from FY 2014/2015. Public spending directed to the health sector increased by 18% to register EGP 44bn.