Afreximbank: Africa's economies expected to grow by 3.8% in '24    Egypt,Türkiye explore deeper trade Ttes as minister meets with Turkish Business Leaders    Amazon invests $230m in AI start-ups    Egypt's CBE offers EGP 4b zero coupon t-bonds    G7 agrees on $50b Ukraine loan from frozen Russian assets    Asia stocks gain as caution emerges    EU dairy faces China tariff threat    Over 12,000 Egyptian pilgrims receive medical care during Hajj: Health Ministry    Egypt's rise as global logistics hub takes centre stage at New Development Bank Seminar    Blinken addresses Hamas ceasefire counterproposal, future governance plans for Gaza    Prime Minister reviews advances in localising e-chip, semiconductor industry    Egypt's President Al-Sisi, Equatorial Guinea's Vice President discuss bilateral cooperation, regional Issues    Egypt's Higher Education Minister pledges deeper cooperation with BRICS at Kazan Summit    Gaza death toll rises to 37,164, injuries hit 84,832 amid ongoing Israeli attacks    Egypt's Water Research, Space Agencies join forces to tackle water challenges    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Egypt to cut governmental expenses
Rationalising plan will see public sector worker bonuses cut by 10 per cent while pledge to cut government operating spending by 3 per cent remains free from details
Published in Ahram Online on 08 - 01 - 2012

Egypt's finance minister has issued a decree detailing the expense rationalising plan for the administrative arm of the government.
The rationalising plan includes cutting bonuses for government employees by 10 per cent and governmental operating expenses by 3 per cent.
Minister Momtaz El-Said indicated in a press release issued today that cuts from government workers' bonuses will be undertaken in a way so that the principal needs of public sector employees are not affected.
The ministry has not revealed what exact savings it expects to make from these measures. Ministry officials were not available to comment on the statement.
Similarly, the minister said that the 3 per cent cut from operating expenses will be undertaken at the discretion of each government body.
In December, government officials announced an austerity plan to reduce government spending by LE20 billion in order to maintain the budget deficit at the target rate of 8.6 per cent of GDP.
Thorough details of the plan were not announced, but the government revealed its intentions to hike the prices of natural gas and electricity paid by heavy industries by 33 per cent in order to cut expenses.
The energy subsidy cuts are expected to remove LE4 billion from Egypt's expenses.
While El-Said's announcement shed more light on the government's austerity plan, details of the extent of savings remain scarce.
El-Said also indicated that the government will borrow money from the special funds that are excluded from the general budget and will be repaid in three years without interest.


Clic here to read the story from its source.