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Egypt's finance ministry allocates EGP 4.6 bln to railway, health insurance, supply authorities in May

Ahram Online , Tuesday 29 May 2018
Amr El-Garhy
File photo: Egypt's Minister of Finance Amr El-Garhy speaks during an American Chamber of Commerce in Egypt luncheon in New York, U.S., October 16, 2017 Reuters
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Finance Minister Amr El-Garhy has approved the allocation of EGP 4.6 billion to several state institutions, including the Railways Authority, the Cairo Metro Authority, and the General Authority For Health Insurance, the ministry said on Tuesday.

In a statement released on Tuesday, the finance ministry stated that it allocated EGP 4 billion to the General Authority For Supply Commodities, for food supply cards and for subsidised bread in May.

The finance ministry also said it had issued guarantees for $14.8 million to buy 63,000 tons of imported wheat.

The ministry also allocated EGP 220 million to the National Media Authority to pay the salaries of its employees in May, and EGP 125 million to the National Press Authority, to pay the salaries of employees and journalists in state-owned press institutions.

A sum of EGP 98.5 million was allocated to the state’s Cotton and TextileIndustries Holding Company, to pay the salaries of its workers in May.

A sum of EGP 67.6 million was paid to the Railways Authority and the Cairo Metro Authority,  including EGP 4.5 million to support subsidised ticket subscriptions for students and school pupils in April.

A sum of EGP 60.6 million was allocated to the General Authority For Health Insuranceto provide health insurance to students, children of school age, and working women for the month of May.

The ministry also allocated EGP 62.5 million to subsides the Holding Company for Water and Waste Water, and EGP 4.3 million for the salaries at state-owned irrigation companies in May.

A sum of EGP 2.6 million are allocated to the Supreme Council of Culture to pay the salaries of the Sound and Light Cinema Company in May.

The general budget for 2017/2018 amounts to EGP 1,206 billion.

According to Egypt's finance ministry, the budget deficit reached EGP 218 billion from July 2017 to January 2018, which is equal to 5.1 percent of GDP, compared to an EGP 195.8 billion budget deficit in the same period of the previous year. 

According to the statement, the total expenses increased to EGP 570.2 billion in those seven months, compared with EGP 464.4 billion in the same period of last year.

The salaries, wages and compensations paid to public servants increased by 4.8 percent in those seven months to reach EGP 103.4 billion, as permanent salaries increased to reach EGP 36.8 billion, while bonuses increased to reach EGP 2.8 billion.

The ministry added that the purchase of merchandise and services increased to EGP 21.9 billion while expenses increased to EGP 204.7 billion.

Social subsidies and support increased as well to reach EGP 131 billion.

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