The Egyptian parliament approved the budget for the FY 2019/2020 with a total expenditure of about 1.6 trillion pounds, revenue of 1.1 trillion pounds, a target deficit of 7.2 percent and an expected growth of 6 percent in GDP.
The new budget expects debt to GDP ratio to reach 89% by the end of June 2020, and 86% for the fiscal year 2018-2019.
The new budget allocates 53 billion pounds to support fuel, down from 90 billion pounds in the current fiscal year, with a 41 percent drop in subsidies.
The Ministry of Finance announced that the increase came in the face of raising the minimum wage from 1200 to 2000 pounds, financing the largest promotion movement in the administrative apparatus of the state at a cost of 1.5 billion pounds, granting all workers in the state a periodic bonus of minimum 75 pounds per month and the adoption of 150 pounds as a monthly incentive for all state workers, taking into account the situation of junior staff.
Finance Minister Mohamed Maait, called on to take the necessary measures to start the work of the new budget, as the financial allocations required from the funding of the budget have been transferred, and the instructions are to take into account the rationalization of public expenditure and not to exceed the allocated appropriations.
Source: (Al-Hayat Newspaper, Edited)
