Cairo – Mubasher: Egypt’s draft budget for fiscal year 2019/2020 is estimated to reach EGP 1.575 trillion, the biggest budget in its history, Middle East News Agency (MENA) reported.
The North African nation also aims to achieve a primary surplus of EGP 35 billion for the first time from 15 years, supported by improved financial performance and lower inflation rates, parliament’s economic affairs committee said.
State revenues are expected to reach EGP 1.134 trillion in the coming fiscal year.
In addition, overall deficit is projected to register EGP 445.140 billion in FY19/20.
Egypt plans to achieve economic growth of 6% in FY19/20 from the estimated 5.6% in FY18/19.
The country’s gross domestic product (GDP) at constant prices is also expected to increase by 12% in the next fiscal year.
According to FY19/20 plan, unemployment rate is forecast to drop to 9.1% by creating from 800,000 to 900,000 jobs annually.
