Ahmed Kjok, Deputy Minister for Financial Policies and Institutional Development, said that the government’s commitment to continue accelerating the pace of economic reform and boosting the rates of economic activity and growth came as a result of the package of preventive stimulus measures, which amounted to 2% of the GDP to support the economic sectors and the most favored groups, which was reflected in the ability of The economy has achieved strong financial indicators that exceeded estimates for the last fiscal year by achieving a primary surplus of 1.4 percent of GDP and reducing the total deficit to about 7.4 percent of GDP, compared to 8% of GDP for the 2019 fiscal year. / 2020.
Pointing out that the strong performance of public finances came as a result of the improvement and recovery of economic performance in light of the precautionary measures taken against the Corona virus, and the reform measures that aimed at expanding the tax base and generalizing mechanization procedures to improve and simplify the services provided to financiers and reduce tax evasion, noting that the reforms and policies followed contributed to Achieving a gradual reduction in the debt service bill as a result of extending its life and stabilizing interest rates on government securities. Moody's also expects that the adopted policies and the continuation of the pace of reforms will lead to the continuation of directing higher rates of spending on health, education and social protection programs.
Source : Al ahram gate