Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



Al-Sisi refuses to approve current draft for state budget, citing debt
Published in Daily News Egypt on 24 - 06 - 2014

By Sara Aggour, Mohamed Ayyad, and Abdel Qader Ramadan
President Abdel Fattah Al-Sisi said in a speech Tuesday he has yet to approve the state budget's current draft for 2014/2015 which will push the budget deficit up and increase the debt to over EGP 2tn.
Speaking at the graduation ceremony of the military academy, Al-Sisi added: "The debt will be pushed from EGP 1.7tn to over EGP2tn."
"I met with the Prime Minister, the Minister of Finance and the Minister of Planning, along with some other Egyptian ministers to discuss the 2014/2015 draft for state budget," Al-Sisi said, adding the "some adjustments and revisions need to be made".
Al-Sisi said that should the deficit keep increasing, "no heritage will be left for the coming generations".
He stated that Egypt survived the past 10 months with the help of "our brothers", referring to GCC assistance to Egypt in loans, grants and petroleum products.
"We are embarrassing ourselves and embarrassing the people," Al-Sisi said, adding that the challenges and problems need to be faced with sacrifices made by every Egyptian.
Following Al-Sisi's speech, the government will hold a session Wednesday to hear proposals from ministers on budget development, said Sherif Shawky, media adviser to the Prime Minister.
With all articles still "under review", the majority of the discussions will revolve around the state budget and how to fix it. The draft for the 2014/2015 state budget was referred to the presidency on 26 May, the first day of elections. Significant changes in public spending, health, education, electricity and petroleum product subsidies and expectations for investment have been made to the new draft.
According to the draft budget, the public spending increased by EGP 65bn, around 10% compared to the current year's budget, to register EGP 807bn.
Petroleum subsidies have been cut to EGP 104bn, compared to last year's EGP 134.429bn – an approximate EGP 30bn decrease..
Target revenues are EGP 517bn, less than the revenues expected for collection during the current fiscal year.
Governor of the Central Bank Hisham Ramez announced Monday the opening of a new bank account under the number 037037, a reference to the date on which President Abdel Fattah Al-Sisi declared the ouster of former president Mohamed Morsi.


Clic here to read the story from its source.