Egyptian President Abdel Fattah el-Sisi ratified Law No. 79 of 2019 on linking the state budget, schedules, annexes and the attached visas for the fiscal year 2019-2020, which was approved by the Egyptian Parliament on June 24, including fuel subsidies reduction from 89 billion pounds 52.9 billion pounds, and electricity subsidies from 16 billion pounds to 4 billion pounds.
The total new Egyptian budget amounted to Trillion & 575 billion, of which expenditure amounted to Trillion, 574 billion and 559 million, compared to EGP Trillion, 134 billion and 424 million in total, with a projected cash deficit of EGP 440 billion and 135 million, and a total deficit of EGP 445 billion and 140 million, and an increase in the interest of debt from EGP 437 billion 448 million pounds to 541 billion & 747 million.
The Egyptian government expected an increase of the domestic borrowing in the new fiscal year by 45 percent to reach EGP 725 billion & 156 million pounds, and increase in the issuance of treasury bills from EGP 350 billion & 801 million to 435 billion and 93 million, as well as the increase of treasury bonds’ issuance from EGP 150 billion & 343 million to 290 billion & 62 million, in addition to an expected external borrowing of 95 billion and 550 million pounds.
Source: (Al-Arabi Al-Jadeed newspaper, Edited)
