Cairo – Mubasher: Total expenditure in Egypt’s general budget surged 26% year-on-year in fiscal year 2016/2017, minister of finance Amr El-Garhy announced in a press conference on Tuesday.
Expenses in the country’s budget rose to EGP 1.03 trillion at the end of FY16/17 from EGP 817.8 billion in FY15/16, El-Garhy highlighted.
El-Garhy added that the expenses represented 29.7% of the gross domestic product (GDP) in FY16/17, versus 30.2% in the prior fiscal year.
Employees’ wages and compensation amounted to EGP 225.5 billion in FY16/17, up from EGP 213.7 billion in FY15/16, he continued.
He noted that social grants and benefits increased to EGP 276.7 billion in FY16/17 from EGP 201 billion in FY15/16.
The minister said that revenues in Egypt’s general budget grew 34% to EGP 659.2 billion in FY16/17 from EGP 491.5 billion for FY15/16 budget.
Egypt is implementing an economic reform programme in coordination with the International Monetary Fund (IMF), under which it will obtain a $12 billion loan. The government received the first tranche worth $2.75 billion in November 2016.
