The Finance Ministry has decided to increase state budget allocations for the current fiscal year with LE1.3 billion from the reserve.
Finance Minister Momtaz al-Saeed said LE900 million would be allocated for the General Petroleum Authority to (...)
Abdel Tawab Haggag, economic advisor to the Suez Canal Authority, on Tuesday ruled out any negative effects on the canal from the railway line that Israel plans to build in order to link Asia to Europe.
“The line is meant for Israel's internal (...)
The government has put the final touches on a new economic reform program to resolve the current economic crisis.
Government sources said the program aims to reduce the LE134 billion budget deficit, rationalize subsidies and increase expenditure on (...)
Egypt's Central bank denied on Thursday that ousted Egyptian President Hosni Mubarak has US$9 billion deposited there.
Former deputy head of the Central Auditing Agency (CAA), Assem Abdel Moety, had on Wednesday said that Mubarak stored over $9 (...)
The Finance Ministry has announced that in two months, it will have finished confiscating real estate that belonged to the disbanded National Democratic Party (NDP). It added that the operation was delayed due to parliamentary elections.
An Egyptian (...)
A Finance Ministry official has said that the government plans to reduce its spending in order to offset the state budget deficit. It vows to cease building new offices and only buy Egyptian products.
The plan aims to reduce the LE134 billion (...)
The cabinet approved a maximum wage draft law in its last meeting, said Hazem Biblawy, former deputy prime minister of the recently resigned government.
He also said the government decided to stop subsidizing natural gas for heavy energy consumption (...)
A senior official at the Finance Ministry said on Monday that the Egyptian government is resuming negotiations with the International Monetary Fund (IMF) for a loan of US$3 billion, the same loan that the military council declined four months ago so (...)
The Egyptian government signed permanent job contracts for 124,500 employees over the past three months, Finance Minister Hazem al-Beblawy said on Monday.
The government signed the contracts with employees who have served for more than three years (...)
The Finance Ministry has allocated more than 11LE billion for other government ministries to buy wheat from farmers this fiscal year, Deputy Finance Minister Mumtaz al-Saeed has said.
Egypt's strategic reserves of wheat are enough to meet the needs (...)
Egypt's Finance Minister Hazem al-Beblawy has told Al-Masry Al-Youm he will maintain his post after the ruling Supreme Council of the Armed Forces (SCAF) turned down his resignation, which he submitted on Tuesday.
Informed sources at the Finance (...)
Egypt's ruling Supreme Council of the Armed Forces (SCAF) is leaning toward extending the tenure of Central Bank of Egypt (CBE) Governor Farouk al-Oqda for an additional four years, banking sources have said.
Oqda has held the post since 2006. He (...)
The Egyptian government is considering an International Monetary Fund (IMF) loan package that was rejected in the past, said Deputy Prime Minister Hazem al-Beblawy on Wednesday.
Egypt reached an agreement with the IMF over a US$3.2 billion loan in (...)
Finance Minister Hazem al-Biblawy on Tuesday urged the government to adhere to the allocations given in the state budget, and not surpass them except in emergency conditions and after the prime minister's approval.
He also called on the government (...)
The cabinet's Social Development Fund allocated millions of Egyptian pounds to organizations run by former First Lady Suzanne Mubarak and her son Gamal, documents obtained by Al-Masry Al-Youm reveal.
The payments were made even though the (...)
The Finance Ministry is not involved in the Public Transport Authority (PTA) crisis and therefore there will be no budget allocations for salary increases for public sector workers, Deputy Prime Minister and Finance Minister Hazem al-Beblawy said (...)
Egypt's ruling military council and the prime minister's cabinet are considering reinstating the Central Bank of Egypt governor and board chairman for another year, a high-level banking source said.
The source said that in addition to reinstating (...)
Central Bank Governor Farouq al-Oqda said on Wednesday that the economy needs three to five years to achieve high growth rates, and that Egypt could become like the Asian Tigers with hard work and perseverance.
The governor had asked the Gold Mining (...)
The Finance Ministry on Wednesday announced a number of changes in its leadership, involving the director of the finance minister's office, and a number of undersecretaries and general managers.
A ministry source told Al-Masry al-Youm that the (...)
The Ministry of Finance on Monday raised the minimum wage by 59 percent from LE444 to LE708 per month for government employees. The precise wage is determined by an employee's rank and number of years working.
In a statement on Monday, the ministry (...)
An anonymous government official said Egypt has not received the aid packages and loans reportedly agreed upon with Arab countries, except for US$500 million from Saudi Arabia, which has already been incorporated into the general budget.
He asserted (...)
Field Marshal Mohamed Hussein Tantawy, head of the Supreme Council of the Armed Forces (SCAF), has endorsed the 2011/2012 state budget after it was amended and approved by the cabinet.
The total budget expenditure was amended from LE515 billion to (...)
The Petroleum and Solidarity and Social Justice ministries are scheduled to begin reducing petroleum product subsidies in July.
The plan - devised by the Finance Ministry and included in the 2011/2012 state budget - includes distributing butane gas (...)
Banque du Caire has started negotiations with Petroleum Export Limited to secure a US$2 billion loan to finance imports of petroleum products.
The company approached for the the loan operates as a subsidiary of Egypt's General Petroleum Corporation (...)
Sources at the Ministry of Finance said the Supreme Council of the Armed Forces did not amend any provisions of the 2011/2012 state budget, which was endorsed by the government recently.
In related news, Khaled Abdel Naby, a member of the Tax (...)