Government Approves New Fiscal Year Budget, Submits to President

The cabinet on Thursday approved the draft of the new fiscal year budget for 20152016 in preparation for submitting it to the president, said a statement by the cabinet.

The estimated deficit in the draft budget is due to hit 281 billion pounds, which is equal to 9.9% of the Gross Domestic Product compared to 10.8% this year.

Total public revenues in the draft budget are expected to reach 599 billion pounds with an increase of 23.2% over the current fiscal year.

The public expenditure is set to amount to 872.6 billion pounds, upping by 18.5% compared to the current year.

Finance Minister Hani Qadri said that the draft budget focuses on achieving a quantum leap in social protection programs, human development, improvement of the level of basic public services and development of infrastructure.

The budget also concentrates on achieving social justice and improving living conditions, Qadri said.

Qadri noted that the budget will continue supportive policies to control deficit rate and public debt, promote economic growth and employment and increase domestic and foreign investments along with reducing inflation rates.

The economic situation in Egypt has been witnessing a gradual improvement, Qadri said.

The total expenditure on direct social protection programs in the draft budget amounts to 431 billion pounds, which represents 49% of the total public expenditure, Qadri said.

Nearly 11.2 billion pounds are allocated to solidarity pensions, Qadri said.

He noted that 38.4 billion pounds are designated to finance and support bread and food commodities system.

About 64 billion pounds will be directed to health services and 120 billion pounds to the education system, he added.

MENA

Source : Egypt State Information Service