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Parliament approves EGP 70.3bn additional allocations for current FY budget

The Egyptian Parliament approved on Sunday the draft law submitted by the government for additional allocations worth EGP 70.3bn for the current fiscal year (FY) 2017/2018. The bill stipulates that these additional allocations will be distributed as a EGP 57bn increase in the interest section of the state budget to meet the increase in the …

Nihal Samir

Parliament approves FY 2018/2019 budget

The Egyptian Parliament approved on Tuesday the fiscal year 2017/2018 general budget with a total expenditure of up to EGP 1.4tn and expected revenues of EGP 938bn. The budget deficit reached 8.4%, while the growth rate stood at 5.8%, driven by new employment opportunities provided by private sector investments, amounting to about 850,000 jobs. MP …