Lebanon removes banking secrecy rules to fight corruption    Violent protests rock Minneapolis for 2nd straight night    21 terrorists killed in two North Sinai security raids: Interior Ministry    EGX to resume trading next Sunday    Summit Technology to install security surveillance cameras at Al-Azhar    Egypt removes 484 illegal constructions and encroachments on Nile    173 illegal constructions on waterways in Damietta referred to military prosecution    China approves Hong Kong security law as tensions with U.S. rise    Trump preparing order targeting social media protections    Huawei CFO loses key court fight against extradition to US    UK PM Johnson to go to Brussels next month for Brexit talks    How did Egypt use the internet during Ramadan?    Egypt, France discuss situation of Libyan, Palestinian crises    Salah did not pressure administration to include players on team: Ghazal    Sisi calls on Egyptians to stand toghether against coronavirus    Health Ministry urges retired medical staff to join coronavirus fray    Saudi Arabia aims to reopen on 21 June    MACIC celebrates World Day for Cultural Diversity with webinar    Grand Museum receives 346 artefacts from Old, Middle Kingdoms    Unique late Ancient Egyptian cemetery discovered in Minya Governorate    European football set to restart despite coronavirus    Atletico Madrid forward Correa suffers muscle injury in training    Don't abandon us, we don't transmit coronavirus, say Cairo dogs and cats    US virus deaths top 100,000, caseloads rise in India, Russia    Australia's A-league to resume in July: FFA    Budget airlines put squeeze on airports in coronavirus cost drive    Belgian cup final back on and set for Aug. 1    Afrobeat, rap, house and more: Apple Music is launching its first radio show in Africa    Book Review: Power on the Nature of Power    UK musicians in lockdown rage against industry machine    'Didn't give a damn': Inside a ravaged Spanish nursing home    AfDB approves $500,000 in emergency coronavirus pandemic aid for Egypt    Egypt's stock Exchange back to regular trading hours on Sunday    Dubai government offices to resume work with 50% employees next Sunday, 100% on June 14    Disney unveils plans to reopen in mid-July    WHO: There is no evidence hydroxychloroquine helps treat coronavirus    EU exec to propose 1.1 trillion budget for bloc in 2021-27: Source    Japan approves fresh $1.1 trillion stimulus to combat pandemic pain    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's Sisi congratulates Egyptians on the occasion of Eid El-Fitr    Egypt's interior ministry gives gifts to families of policemen killed or injured in the line of duty    Egypt is ready for 'serious and constructive' talks with Ethiopia, Sudan over GERD: Foreign ministry    Italy's football federation sets August 20 as deadline for finishing season    Egypt's decision to resume sports activities breathes life into hopes to restart league    Egyptian Premier League final decision to be taken before May-end: minister    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    iRead launches new activities, competitions to pread the passion for reading    British Council in Egypt makes its digital library for free amid coronavirus    







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





Sisi discusses FY2018/19 budgeting with Egyptian ministers
Published in Amwal Al Ghad on 20 - 05 - 2018

Egypt's President Abdel Fattah al-Sisi discussed on Saturday the upcoming financial year 018/2019 budgeting with PM Sherif Ismail and a number of officials and Cabinet ministers, who briefed the president on ongoing efforts of their respective ministries, according to a statement by the presidency.
During the meeting, Finance Minister Amr El-Garhy told the president that the government aims for a primary surplus of 2 percent of the GDP, reducing the budget deficit to 8.5 percent of the GDP.
Last March, the Egyptian government approved the budget for financial year 2018/19, which targets a GDP growth rate of 5.8 percent.
The new budget includes investments worth 100 million pounds, up from 70 billion pounds the previous year, to be spent on national projects and public services. The budget has been referred to parliament for a vote.
El-Garhy told the president that the country saw a primary surplus in its first 10 months of financial year 2017/2018, which started in July 2017, for the first time in 15 years.
According to the minister, the surplus of 7 billion pounds, 0.2 percent of the GDP, was achieved due an increase of 35 percent in public revenues, which reached 578 billion pounds.
The increase in public revenues was due to an increase in tax revenues by 45 percent, reaching 471 billion pounds.
Sisi was also briefed on the outcome of the 2017/2018 financial year, which included a reduction of the budget deficit to 9.8 percent of the GDP from 10.9 percent the previous year.
Sisi told the ministers to continue with the "sound implementation" of the country's economic reform programme, stressing the importance of increased spending on sustainable development, health, education, infrastructure and social security.
Electricity Minister Mohamed Shaker briefed the president on his ministry's efforts to increase the capacity of the national electricity grid to accommodate the increase in consumption over the coming period.
Petroleum Minister Tarek El-Molla briefed Sisi on efforts to boost the energy sector's performance.
Source: Ahram Online


Clic here to read the story from its source.