In carrying out the presidential directives, an open budget for health sector to combat “Covid-19” and secure vaccines, Minister of Finance announced

• Health sector’s allocations for FY 2021/2022 hit EGP 275.6 billion, exceeding its constitutional entitlement ratio
• MoF is fully prepared for any additional appropriations during the Budget’s actual execution
• EGP 3 billion is secured to purchase vaccines since the offering for contracting until now to immunize citizens against Covid-19
• The Government is continuously stimulating the economic activity and is keen to deepen private-sector development partnership
• Egypt’s economy to rise up stronger from COVID-19 pandemic
• Egypt was globally ranked 2^nd in “the Economist” Index for returning to pre- pandemic life
• IMF: Spending Egypt’s proactive package effectively helped mitigate health and social impact of the pandemic
• Financial and monetary easing measures contributed to maintain economic stability

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The Minister of Finance, Dr. Mohamed Maait, confirmed that the health Sector’s allocations have exceeded the established constitutional entitlement ratio in the FY 2021/2022, to hit EGP 275.6 billion. This made in order to carry out the presidential directives granting top priority to preserving the health of citizens, especially against novel “coronavirus”. The Ministry of Finance is ready to manage any additional appropriations for the health sector during the actual execution of the budget, to enhance its capabilities and provide necessary funds for continue purchasing COVID-19 vaccines, the minister added.

 

The Minister assured that “an open budget is allowed to the health sector to combat Coronavirus and secure the vaccines… as no negligence would be tolerated as regards the Egyptian people’s health”. In addition, a sum of EGP 3 billion has been secured to purchase vaccines, since their offering for contracting so far, to ensure that the largest number of citizens is immunized against the virus, especially in light of the emergence of the fourth wave of Covid-19 in some countries. Moreover, scientific studies have confirmed the effectiveness of vaccines against any mutation of the virus, its ability to limit health impacts, and enhance citizens’ safeguarding. In addition, the returning to pre-coronavirus economic performance indicators and the expansion of vaccination were closely linked, the Minister clarified.

In the same context, the Egyptian Economy will rise up stronger from COVID-19 pandemic, thanks to the achievements of the economic reform program which contributed to enable the government to deal flexibly with the “Corona” crisis. Not only the said but also due to the allocated proactive package that includes prudent and timely fiscal and monetary easing measures, as described by the IMF, helped mitigate both health and social impacts of the pandemic, while maintaining health stability. As Egypt was one of the most effective countries in spending the economic supported packages in facing “Corona”. Consequently, the Managing Director of IMF also praised the performance of the Egyptian Economy as a successful model in economic reform, in which it continued to surpass many economies in the region to be amongst the Arab World’s largest economies in 2020, added by the Minister.

Furthermore, the Egyptian Economy ranked second globally in the “Economist” Index for the return to pre-corona pandemic life, the Minister pointed out. He noted that all Global Rating Institutions maintained Egypt’s credit rating with a stable outlook. However, these institutions downgraded the ratings and revised down to negative the outlook for more than 50% of the African and Middle East countries. This reflects the effectiveness and balance of the economic and fiscal policies of the Egyptian Government during the past years.

Finally, the Minister reconfirmed that the government is adopting policies to face the “Corona” pandemic. These policies are based on the balance between keeping the wheels of production in continued motion and preserving citizens’ health. This will be achieved through moving forward to stimulating economic activity, providing support and assistance to production and economic sectors and to the most affected categories, as well as deepening the development partnership with the Private Sector; in a manner that contributes to raise the living standards of the citizens and enhance the quality of service provided.