Cairo – Decypha: The Egyptian cabinet approved the budget for fiscal year (FY) 2017/2018 on Wednesday, Egypt’s Finance Minister Amr El Garhy announced in a press conference.
The state is targeting a 9.1% deficit for the FY, slightly less in comparison to the expected 10.7% for the current FY; additionally revenues are planned to reach EGP 818 billion ($45.17 billion) and revenues from taxes are expected to be around EGP 604 billion, reported Reuters.
Targeted expenditure has been set as EGP 1.188 trillion, in comparison to only EGP 994,906 billion for the current FY. Where subsidies, grants, and social benefits have been set at EGP 331,527 billion, against EGP 278,464 billion for 2016/2017, reported Al Mal.
In terms of petroleum products subsidies, the state has earmarked EGP 110,148 billion compared to EGP 101,272 billion expected in 2016-2017. For electricity subsidies EGP 30 billion have been set versus EGP 35,071 billion expected for current FY. Subsidies commodities is planned to be EGP 62.585 billion, against EGP 49.544 billion expected in 2017-2018.
Interest rates on the targeted debt is expected to reach EGP 380,986 billion against EGP 303.881 billion for the current FY.
The Egyptian government additionally plans to achieve a 4.6% economic growth rate. It has also set an expected dollar value at EGP 16.
By Decypha Editorial Team
