Finance Ministry issues financial statement of 20/21 budget

FILE - Ministry of FinanceEgypt's cabinet approves 2020/21 draft budget CAIRO - 26 March 2020: Egypt's cabinet, headed by Prime Minister Mostafa Madbouli, approved Thursday the draft budget for the new fiscal year 2020/2021. CAIRO – 2 June 2020: The Ministry of Finance issued Monday the financial statement of the State’s general budget for fiscal year of 2020/2021.The statement noted that the government works on overcoming the coronavirus crisis with the least possible harm through providing assistance and support to the neediest sectors and categories in a way that helps the economy to recover rapidly with the target of completing the development process.It referred to the economic reform program implemented by the State during the last period, noting that this program contributed to building pillars of a powerful economy that is able to absorb shocks and deal with difficulties in a way that helps the economy gain the confidence of the world’s countries, international institutions and investors.“Total expenditure in the 2020/2021 budget is planned to hit about LE 1.713 trillion, compared to LE 1.574 trillion in the 2019/2020 budget,” the ministry stated.The ministry attributed this increase in expenditure to the rise in salaries as well as presidential decrees on enhancing conditions of workers in the state administrative body, increasing investments to improve services and creating more employment.Wages and and workers compensation represent 19.6 percent of the total public expenditure in the budget, according to the statement.The financial statement revealed allocating LE 335 billion for wages and workers compensation in 2020/2021 general budget with an increase of LE 33.8 billion compared to LE 301.1 billion in 2019/2020.The statement clarified that the raise is to fund salaries, bonuses and benefits for workers of government bodies.It also pointed out that the reform of the wage structure is one of the initiatives which contribute to improving the financial conditions for civil servants at a total cost of LE 34 billion.As per public debt, the statement said that the interest expense of servicing the public debt in the coming budget is projected at LE 566 billion, compared to LE 569 billion in the current year's budget.Moreover, the statement showed that purchases of non-financial assets hit LE 280.6 billion in 2020/2021 budget compared to LE 211.2 billion in the 2019/2020 budget.Purchasing commodities and services in the coming fiscal year budget rose to about LE 100.2 billion, representing 5.8 of total expenditures, compared to LE 74.9 billion in the 2019/2020 budget.The statement revealed that some of these funds will go to buying medicine, medical stuffs, printing school books, etcRegarding oil products subsidies, it stated that it will reach LE 28.193 billion, down from LE 52.963 billion in the current budget, marking a decrease of LE 24.770 billion.It added that subsidies for medical drugs and baby milk will increase by about LE 250 million, in 2020/2021 budget, reaching LE 1.750 billion.On March 26, Egypt’s cabinet, headed by Prime Minister Mostafa Madbouli, approved Thursday the draft budget for the new fiscal year 2020/2021.

Source:Egypt Today

June 02, 2020 12:17 UTC


Egypt's Min. of Tourism & Antiquities presents virtual tour of Abu Serga Church

Abu Serga Church - Screenshot from the virtual tour brought by Egypt's Ministry of Tourism & AntiquitiesAbu Serga Church - Screenshot from virtual tourCAIRO - 1 June 2020: Egypt’s Ministry of Tourism and Antiquities is launching a new virtual tour of the Church of Saints Sergius and Bacchus known as Abu Serga Church.To enjoy the tour use the following URL:https://my.matterport.com/show/?m=PfNu1RDRbZfThat church has a special place among the rest of the Coptic churches. This is because it is related to the journey of the Holy Family in Egypt.The name of the church belongs to both Saints Sergius and Bacchus who were martyred in the Rusafa area in Syria according to the Christian belief.Like the rest of the early churches, the church and its underground Labyrinths were designed in the basilica style. It consists of a cross-sectional area, longitudinal galleries and oriental apse (under which lies the Labyrinths).The church is distinguished for its unique architectural and artistic features that reflect the spirit of Coptic architecture in Egypt, where the ambon, the baptismal bath, and the wooden veil inlaid with ivory is visible, in addition to religious scenes that represent saints and apostles on various domes and columns.In addition, the church was built over the ruins of an ancient Roman castle. Some scholars believe that it dates back to the late fourth and early fifth centuries AD, while others see it as dating back to the seventeenth century AD.

Source:Egypt Today

June 01, 2020 19:18 UTC


Cairo Airport receives 624 stranded Egyptians from Saudi Arabia

FILE - A charter flight - PixabayCAIRO – 1 June 2020: The Cairo International Airport has received on Sunday three exceptional flights from Saudi Arabia carrying 624 Egyptians, as part of the national efforts to expatriate stranded nationals abroad amid the coronavirus crisis.The flights were operated by the Egyptian flag carrier EgyptAir and Air Cairo.As Egypt halted international flights on March 19, in a bid to curb the spread of the novel virus, it has operated dozens of flights to repatriate its stranded citizens who are willing to return from different countries.On April 22nd, Egyptian President Abdel Fattah El-Sisi noted that around 3,500 Egyptians are stranded abroad over coronavirus, affirming that authorities are committed to bringing them back despite "hard circumstances".Although Egypt has reported a relatively high number of coronavirus cases during the past few days, Cabinet’s Spokesman Nader Saad said the government will discuss this week the issue of reopening airspace and operating flights again after a long halt over coronavirus.Egypt reported 1536 new coronavirus, COVID-19 cases, Sunday, raising the total number of confirmed cases since the outbreak in Egypt to 24985.Spokesman for the Health Ministry Khaled Megahed said in the daily briefing that 46 patients have died from the virus over the past 24 hours, raising the death toll to 959.As many as 344 patients were discharged from isolation hospitals after receiving necessary medical care, taking the number of recovered cases to 6810 so far, the spokesman said.The number of coronavirus patients who had now been retested for the virus and received negative results has reached 6037, he added.

Source:Egypt Today

June 01, 2020 14:15 UTC


Minister estimates 40K COVID-19 cases mid-June, presents speculative model of real figures

The new Coronavirus (COVID-19)- CC via Pixabay/FrankundFreiCAIRO – 1 June 2020: Minister of Higher Education and Scientific Research Khaled Abdel Ghaffar presented Monday a model that speculates the real figures of COVID-19 infections and deaths given they are unidentifiable by authorities worldwide.The model suggests multiplying documented infection figures by 5 and deaths by 10. When applying the model to Egypt's latest figures released on May 31, the total number of infections becomes 117,000 instead of 24,985 by an increase of 6,835 and not 1,536.The number of infections has been increasing by 5.4 percent daily, and the percentage of deaths has been 3.9.The minister had speculated that infection cases would reach 20,000 by the end of May, and now estimates that they will hit 40,000 on June 10-13. Further, Prime Minister Mostafa Madbouli stated on Monday that infections will rise over the next 2 weeks.Egypt recorded 1536 new coronavirus, COVID-19 cases, Sunday, raising the total number of confirmed cases since the outbreak in Egypt to 24985.Spokesman for the Health Ministry Khaled Megahed said in the daily briefing that 46 patients have died from the virus over the past 24 hours, raising the death toll to 959.As many as 344 patients were discharged from isolation hospitals after receiving necessary medical care, taking the number of recovered cases to 6810 so far, the spokesman said.The number of coronavirus patients who had now been retested for the virus and received negative results has reached 6037, he added.

Source:Egypt Today

June 01, 2020 13:18 UTC


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