CAIRO, July 1, 2018 (MENA) - Egypt's Finance Minister Mohamed Ma'it said on Sunday Egypt is starting to put into effect the biggest budget in its history for the upcoming 2018/2019 fiscal year. Egypt's fiscal year starts on July 1 and lasts until June 30 of the following year. Ma'it, in press statements, said expenditure in the new budget is estimated at LE1.4 trillion, 200 billion pounds up from the 2017/2018 budget. The increase of expenditure is attributed to the increase of the salaries of the administrative apparatus that went up from LE 30 to 270 billion and the increase of budget-financed government investments by 42 per cent from LE70 to 100 billion. The implementation of the new budget, which coincides with the second term of President Abdel Fattah El Sisi, will mirror the directives of the political leadership as regards the economic growth rate, expected to reach 5.8 per cent. Financial allocations for education and health sector in the new budget unprecedentedly increased from LE 222 to 257.7 billion , he said. Allocations for treatment at State expense upped from LE 4.6 to 5.7 billion pounds, he added.
