Egypt’s Deputy Minister of Finance Mohamed Moeit said that the country’s spending priorities in the coming period will be for education, health, and culture.
In a statement to Daily News Egypt, Moeit asserted that Egypt will mainly direct its spending towards education and vocational training, which will be fully exempt from taxes. The same condition will be applied to any funds established to support technical education.
He pointed out that technical education will be developed through four axes, including providing investment incentives for the projects that manage and operate schools and technical institutes, in accordance with the Investment Law.
His remarks came during the signing ceremony for cooperation agreements between the Ministry of Education and Egyptian private sector companies to promote technical education and qualify young people to work in major Egyptian and international companies. The agreements were signed by Minister of Education Tarek Shawky.
Moeit said that the government has not yet determined the protectionist measures that will coincide with the economic reform programme in the next fiscal year, which is expected to include the increase of fuel prices.
Regarding the expected proceeds from partially floating state-run companies on the stock market, Moeit said that the government has not yet determined the share of proceeds that will be directed to the treasury and the other share that will be reinjected into those companies.