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EGP 942 billion allocated for economic and social development in FY 2018/19: Egypt PM Ismail

Ahram Online , Thursday 29 Mar 2018
PM Sherif Ismail
A file of Egypt's Sherif Ismail (Photo: Al-Ahram Arabic news)
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Egyptian Prime Minister Sherif Ismail announced on Thursday that the government’s economic and social development plan for fiscal year 2018/19 is Egypt’s largest-ever investment plan, Al-Ahram Arabic news website reported.

Ismail told reporters that the government has allocated EGP 942 billion for the economic and social development plan in FY 2018/19; a 46 percent increase from the 2017/18 fiscal year.

The prime minister added that the new fiscal year, which will start on 1 July, will witness many investments in all sectors.

The budget, valued at EGP 1.412 trillion, is set to be presented to the House of Representatives before 31 March.

Ismail also said the government will focus in the new fiscal year on developing and improving education and health, adding that the country’s new health insurance law will be implemented during this period.

The PM said that a complete restructuring of the Egyptian ministries will also be implemented in the new fiscal year.

He also said that ministries and other government institution are expected to move their headquarters and offices from Cairo to the new administrative capital by mid-2019.

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