Egypt finance minister presents 2013/14 budget to Shura Council
Finance Minister El-Morsi El-Sayed Hegazy officially submits 2013/14 budget to Shura Council, confirming figures leaked last week
Ahram Online, Tuesday 23 Apr 2013
Egypt's minister of finance El-Morsi Hegazy (Photo: Ahram Arabic News Website)
Egyptian Finance Minister El-Morsi El-Sayed Hegazy officially submitted the government's 2013/14 budget to the Shura Council (Parliament's upper house) on Tuesday.
The figures confirmed total state expenditure for 2013/14 would be LE692.4 billion, an increase of 18.6 percent from LE583.7 billion in the current financial year.
Revenues are expected to reach LE497.1 billion, up from LE393.4 billion in the current year.
The budget deficit is expected to reach LE197 billion or 9.5 percent of GDP, up from the expected 12 percent in the current year.
The planning minister told deputies that economic growth in 2013/14 was expected to be 3.8 percent, compared to 2.5 percent in 2012/13.
The Shura Council, upper house of parliament, has had legislative powers since the lower house was dissolved in June 2012.