Egypt Raises Governorates’ Special Funds Budget By 32% to Make PayrollSource: www.export-egypt.com 8/20/2023, Location: Africa |
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The Egyptian government has increased allocations to special funds and accounts in governorates, except for Cairo, by 32 percent for the fiscal year 2023/2024, in order to make payroll for state employees, Minister of Finance Mohamed Maait said.
The allocations increased to EGP 671 million for the first quarter of 2023-24 (July-September) from EGP 506.5 million in the same period last year. The number of state employees reached 670,900 at the end of 2022, according to the official statistic agency CAPMAS. Special funds and accounts receive a portion of state revenue. However, they are not included in the disclosed budget and are not subject to the same level of control. To tackle the surge in inflation since Russia's invasion of Ukraine, the Egyptian government raised the minimum wage for state and private-sector employees in March and June. The increase in state employee salaries and pensions added an additional burden of EGP 150 billion to the state treasury. Egypt’s headline annual inflation rate kept its upturn in July 2023 to hit a new record level, jumping to 38.2 percent, up from 14.6 percent recorded in the same month of 2022. |
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