Egypt state will not abandon limited income brackets

Minister of Finance Momtaz El Saeid said the state will not abandon the limited income brackets adding the government will continue to ease down their burdens. He said expansion of partnership projects with the private sector will not affect the file of subsidy. He said the state will continue to support services and commodities adding the private sector which is taking part in partnership projects will not take part in pricing services offered by these projects.

He said partnership with the private sector contributes to easing down burdens on the state general budget through providing the mechanism by which the state can meet the increasing community needs and financing infrastructures such as roads, water plants, sanitary drainage projects, power stations, and health the success of the partnership with the private sector will provide an important mechanism that could help Egypt achieve the hoped for development which will enable the government of overcoming the problem of unemployment,.

The Minister of Finance said the state resources cover 60-65% of aggregate expenditures adding the remaining part is financed through borrowing adding this confirms the need for the private sector partnership to finance the state general plan whether through building the projects which are needed or providing the management and maintenance services needed by these projects. He said the state seeks to increase the volume of investments to L.E.276 billion this year to achieve a growth rate of 4,5% in the Egyptian economy adding the government is seeking to increase growth rate in the coming three years to 7,5% of the gross domestic product, so as to provide 750,000 jobs which are needed by the society every year.