'Support Egypt' coalition to submit Senate draft law, amendments to House of Representatives law on Sunday    Egypt assigns EGP 36.7bn for 691 green projects in FY 2020/21    Egypt's confirms total COVID-19 cases up to 32612, with 1198 deaths    Egyptian expats narrate their stories of loneliness during pandemic    COVID-19 made death of loved ones crueller and more painful    Culture Ministry to present virtual theatre performances on YouTube    Raya Foods anticipates 20% growth in upcoming 5 years    ACUD to support developers in New Capital with flexible payment systems    Recent devaluation of Egyptian pound against US dollar normal, temporary: banking pundit    Tourism Minister prepares for gradual return of activities    Clashes, tear gas in Beirut as protests turn to riots    OPEC and allies reportedly agree to extend record production cut    Brazil Bolsonaro threatens to pull out of WHO as coronavirus    Iranian wedding party fuelled new coronavirus surge: Rouhani    Zimbabwe grain deficit seen widening to 1.17 mln tonnes    Investigations under way as a large fire destroys Amazon Distribution Warehouse in Southern California    India overtakes Italy's coronavirus passes as lockdown easing looms    North Korea threatens to permanently shut liaison office with South    Al-Sisi announces Cairo Declaration to end Libyan conflict    Egyptian state banks collect over $10 bln from high-yield savings product    Paris gallery seeks inspiration in ancient China's hats to enforce social distancing    US officials block police 'extreme tactics' as protests enter 12th day    Italian federation agrees to allow five substitutions in Serie A    Solskjaer talks up Manchester United mentality ahead of Tottenham match    Friday's prayer to be held at Cairo's Al-Hussein Mosque next week    Michael Jordan giving $100 million for racial equality, justice    Egypt Purchasing Managers Index increases 37% in May-Planning Ministry    Egypt, Belgium stress importance of bolstering bilateral ties    Jordan reopens mosques for socially distanced prayers    Dortmund's Sancho, Akanji fined for getting haircuts without face masks    Moroccan actor Youssef Kerkour scoops BAFTA nomination    Cairo Airport Museum receives artifacts ahead of planned opening    US prosecutors charge 3 more police officers over George Floyd killing    CAF draws timeline for resumed continental championships amid COVID-19    Egyptian Football star Ahmed Fathy's wife, daughters infected with Coronavirus    TSFE to develop, operate Bab Al-Azab historical area    Misusing the Nile    Sudan urges UN Security Council to encourage GERD parties to refrain from 'unilateral measures'    Egypt's Zamalek close to signing Angola's Papel in summer    We Are One: Global film festival launches amid pandemic    Zamalek re-hang ‘Real Club of the Century' billboard after removing CAF logo    Armed Forces neutralise 19 militants in North Sinai operations    Farwell to 89-year old Egyptian actor Hassan Hosny    Ethiopia says it won't accept Egypt's ‘historic rights' to Nile water    Egypt removes 484 illegal constructions and encroachments on Nile    Salah did not pressure administration to include players on team: Ghazal    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    

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

Egypt's 2020/21 draft budget based on oil of $61 per barrel – ministry
Published in Amwal Al Ghad on 31 - 03 - 2020

Egypt's 2020/2021 draft budget is based on an oil price of $61 per barrel, the Finance Ministry said on Monday, down from $68 in the current budget but around three times higher than the present price, according to Reuters.
Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further.
"I have to protect the budget. What if the price of a barrel of oil increased? How will you finance it? What will you do? The world is going through exceptional circumstances," Finance Minister Mohamed Maait said in a televised interview,
"If the price per barrel increases to more than $80, what will you do?," he added, predicting that demand for oil will increase after the end of the coronavirus crisis.
The exchange rate for the dollar used in the draft budget is equal to the prevailing average exchange rate in the market between January 1 and March 31, the ministry said. The rate used in the 2019/2020 budget was 17.46 Egyptian pounds per dollar.
Egypt's Cabinet approved a draft law for the budget of the 2020/2021 financial year at a meeting on Thursday.
Maait said afterwards that the budget aimed to reduce the total deficit to 6.3 percent of GDP and increase the primary budget surplus to 2 percent. This would result in public debt of 82.7 percent of GDP as of end-June 2021, he added.
Egypt's GDP growth for the financial year that begins on July 1 could fall to 3.5 percent if the coronavirus crisis continues until December, Planning Minister Hala al-Saeed said on Thursday, down from previous estimates of around 6 percent.

Clic here to read the story from its source.