Egyptian Finance Minister Hany Kadry will be holding today a press conference in order to announce for the new budget and a Package of reforms, which included. The Ministry stated that President Abdel Fattah al-Sisi approved a revised and tightened budget for the 2014/15 fiscal year, the Finance Ministry said on Sunday, as the first step towards a period of painful economic austerity. The budget deficit of 240 billion Egyptian pounds ($33.57 billion) will be 10 percent of gross domestic product (GDP), compared to an expected 12 percent shortfall for the 2013/14 fiscal year ending on Monday, it said in a statement. An initial budget proposal foresaw a 292 billion pound deficit for the next fiscal year, a ministry spokesman said, but Sisi rejected that last week and announced he would give up half his salary and property for the sake of the country. Kadry said the budget will include implementing package of economic and social procedures that aim to activate the national economy and face the Structural dilemmas. Meanwhile the Egyptian economy passes by Critical stage since 25 January and this needs to handle the challenges and problems in order to exit from this stage.
