Egypt's Nile water committee reviews trilateral negotiations on Ethiopia's GERD    Germany's Merkel gives Britain 30 days to find last-minute Brexit solution    Egyptian police seize 100kg of methamphetamine, arrest 5 people    Egypt's Zohr gas field output rises to 2.7 bln cubic feet per day: Minister    Tottenham Hotspur plans to refinance stadium debt -source    Asian markets lower, traders look to central banks for guidance    Tennis: India expect 'positive' verdict on Davis Cup tie against Pakistan    Tennis: Wildcard Pera stuns third seed Strycova to move into Bronx quarters    FIFA appoint normalisation committee for Egypt's FA until elections    Media body secretary general arrested as part of judge bribery probe: Authority    Egypt drafting new law to impose tax on social media ads, online services    Death toll from Afghan wedding blast rises to 80: Officials    US says it's ready to resume nuclear talks with North Korea    Egypt's MSMEDA injects EGP 2.8 bln into micro, small enterprises in H1 2019    Egypt's Banque du Caire expects to sell minority stake by early 2020    Egypt arrests secretary general of top media body for alleged bribery: Source    Hong Kong leader hopes way out of chaos with dialogue, mutual respect    UK's PM Boris Johnson opening Brexit bid: rip out Irish border backstop    Iran's tanker heads to Greece; U.S. warns against helping vessel    Liverpool thankful to have Egyptian star Salah on his frontline: Klopp    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    28th Citadel Festival for Music and Singing embraces attendees with international troupes    A simple diet change could help live longer, reduce cardiovascular risks by 16%    Serbian Micho to be Zamalek's new coach: Egypt's Mortada Mansour    Cairo University tops 2019 Shanghai Academic Ranking    3 sentenced to death for 2016 killing of 4 Egyptian policemen    Ministry of Environment has a plan for "black clouds season"    Too early to estimate Nile's flooding volume: Irrigation Ministry    Sudan's key opposition may nominate economist Abdalla Hamdok for prime minister    Egypt to launch Bike for Every Citizen initiative soon    Egypt's Zamalek equal club record with 7-0 hammering of Somalia's Dekedaha    LA Opera declines details on longtime general director's investigation    Sudan opposition to nominate economist Abdalla Hamdok for prime minister: Sources    Egypt produces ‘Fraud' documentary on Muslim Brotherhood history    Photo of Egyptologist Zahi Hawass to decorate NYC's Times Square to promote tourism to Egypt    T. Jefferson Parker tells latest tale in tight, vivid prose    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt's cabinet approves 2017/18 draft budget, with 9.1% projected overall deficit
Published in Ahram Online on 29 - 03 - 2017

Egypt's cabinet approved on Wednesday the draft budget for the coming fiscal year (2017/18), targeting an overall deficit of 9.1 percent of the Gross Domestic Product (GDP).
The budget deficit is projected to amount to EGP 370 billion and the primary deficit to register EGP 11 billion for first time since 2011.
The draft will be presented to President Abdel-Fattah El-Sisi for ratification before it is presented to parliament.
The new budget amounts to EGP 1.2 trillion and expects EGP 818 billion in revenue, finance minister Amr El-Garhy said in a press conference.
The government is targeting a budget deficit of 10.1 percent by the end of the current fiscal year (2016/17).
The state subsidy bill in 2017/18 is estimated at EGP 385 billion, up from EGP 285 billion in the current fiscal year, El-Garhy told Al-Ahram daily in an interview last week.
El-Garhy said that the bill includes food subsidies and social safety network initiative Takaful and Karama.
Egypt freely floated its currency against the dollar last November as part of a fiscal reform programme implemented in mid-2014 to curb a growing state budget deficit, which amounted to 12.2 percent in 2015/16, and revive the flagging economy.
The reform programme also included cutting subsidies and implementing new taxes including a value added tax.
The programme was endorsed by the International Monetary Fund, which approved in November a $12 billion loan to Egypt, of which the central bank has received $2.75 billion so far.
Egypt's foreign reserves rose to $26.541 billion by the end of February 2017 from $26.363 billion in January, according to the central bank.


Clic here to read the story from its source.