Dr. Mohamed Maait, Minister of Finance, said that the state’s general budget for the new fiscal year 2021/2022 aims to continue maximizing the return on state assets by adopting sound economic policies such as pricing that covers the cost of providing goods, services and production inputs, and aggressively proceeding with asset restructuring programs The state’s financial system in a manner that ensures a gradual improvement in the financial conditions of state agencies, improves the services provided, and stimulates the expansion of partnership programs between the public and private sectors in investment fields and the management of state assets.
This came during the Finance Minister's presentation of the financial statement on the draft state budget for the fiscal year 2021/2022, before the plenary session of the House of Representatives today, Sunday, headed by Counselor Dr. Hanafi Jabali.
Maait said, "The budget also aims to raise the efficiency and re-prioritize public spending in favor of marginalized groups and regions, the lowest income, and to follow more efficient and fair distribution policies, as well as to gradually expand the use of in-kind support programs directed to eligible groups and targeted places, and to increase the value and rates of investment spending directed to improve Infrastructure and raising the level of public services, especially health and education, automating and linking available databases to allow the state's limited resources to be directed to deserving groups, and focusing on reforming financial structures to raise the efficiency and performance of economic bodies and the public business sector to ensure adequate returns from goods and services provided by these bodies And companies in different sectors, in addition to focusing on the structural reforms that would improve the work environment, encourage exports and promote the manufacturing sector, which would contribute to achieving high economic growth rates and creating real job opportunities aimed at reducing unemployment rates to sustainable levels.
He pointed out that the government is targeting the draft budget for the fiscal year 2021/2022, and over the coming years, the efforts will continue to gradually reduce the rates of debt growth in the budget apparatus as a percentage of GDP to less than 85% by the end of June 2024, in a manner that allows continuous improvement and reduction in the proportion of service bill burdens Debt to GDP, as well as continuing to achieve annual growth rates of no less than 5.5-6.5% in the medium term and assuming that the repercussions of the Corona pandemic recede rapidly, as well as achieving a sustainable first annual surplus in the range of 2.0% of GDP in the medium term. And in order to achieve these goals, efforts must be continued to increase the state's resources efficiently and without negative impact on productive, investment and economic activity, in addition to continuing efforts to restructure public spending by arranging priorities in a way that ensures the creation of financial space (savings) in the medium term that allows for a continuous increase in spending on Human development and economic and social development projects to comply with the constitutional requirements, as well as dealing seriously with the repercussions of the pandemic to ensure the speed and strength of the economy's recovery, as well as providing adequate financial allocations for Improving services provided to citizens and creating more job opportunities, especially for youth and women, as well as continuing improvement in the income and standard of living of citizens.
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