In its plenary session, the Egyptian House of Representatives approved a draft law submitted by the government to open an additional appropriation in the state's general budget for the fiscal year 2022-2023 worth 165 billion pounds (about 5.3 billion dollars), in order to cover the deficit in many budget items, including wages and the purchase of goods and services.
The Chairman of the Planning and Budget Committee in the Council, MP Fakhry El-Feki, noted, "The opening of the additional appropriation in the budget is due to the challenges faced by the country due to global crises, foremost of which is the Russian-Ukrainian war, and the negative repercussions and effects of this war on the Egyptian economy." Considering that "The government contributed to alleviating the severity of the economic crisis on citizens, by providing a new package of social protection measures," explaining that "the additional appropriation includes the allocation of 10 billion pounds for Bab wages, 70 billion pounds for the purchase of goods, in addition to 85 billion pounds to cover debt service."
Article 124 of the Egyptian Constitution stipulates that the general budget of the State shall include all its revenues and expenditures without exception, and its draft shall be submitted to the House of Representatives at least ninety days before the beginning of the fiscal year, and shall not be effective unless approved by it. The transfer of any amount from one section of the budget to another, and any expenditure not contained therein or in excess of its estimates, must be approved by Majlis, and approval shall be issued by law.
Source (Al-Arabi Al-Jadeed Newspaper, Edited)
