Last Update 21:27
Tuesday, 23 July 2019

Egypt targets 4.3 pct growth in FY2015/16, says ministry

In addition to enhancing growth, the government aims to cut the budget deficit from 11 percent to 9.5-10 percent in the coming fiscal year

Waad Ahmed , Sunday 14 Dec 2014
Ministry of Finance
View of the Egyptian Ministry of Finance in Cairo (Photo: Al-Ahram)
Share/Bookmark
Views: 1362
Share/Bookmark
Views: 1362

Egypt's government hopes to achieve 4.3 percent growth in the economy in the fiscal year ending 30 June 2016, up from 3.5 percent forecasted this year, the Ministry of Finance has said.

It also plans to cut down the budget deficit to 9.5-10 percent, down from 11 percent projected this year, the ministry added in an emailed statement outlining the upcoming state budget.

Following the inauguration of President Abdel-Fattah El-Sisi in July, the government announced plans to reform the state budget through unpopular subsidy cuts and new taxes. It cut fuel subsidies, raising pump prices by up to 78 percent. The government also started a gradual cut in electricity subsidies.

Property taxes and an exceptional five percent wealth tax were implemented in the current fiscal year while a new value added tax (VAT) is expected to take effect before 30 June 2015.

The new budget for FY2015/16 will follow a programme based policy, where ministries are allocated budgets based on specific planned programmes.

The ministry did not detail specific policies planned to achieve these targets.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.