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Saturday, 20 July 2019

Egypt's expenditures estimated to reach EGP 1.5 trillion in 2019/20 budget: Finance ministry

MENA , Monday 1 Apr 2019
Finance Ministry
A file photo of Egypt's ministry of finance in Cairo (Photo: Al-Ahram)
Views: 1660
Views: 1660

Egypt's total expenditures in the fiscal year 2019/20 could reach up to EGP 1.574 trillion, according to a statement released on Monday by the finance ministry. 

Expenditures in 2018-2019 are expected to reach EGP 1.403 trillion, the statement said. 

"Spending policies outlined in the 2019/20 budget are mainly based on the idea of rationalisation while improving public services. This has to do with improving spending to support the economy in a way that would help create new jobs for youth, increase the income of citizens and reduce poverty," the statement said.

Salaries and compensations for employees are estimated to reach some EGP 301 billion in the 2019/20 budget compared to EGP 270 billion expected in 2018/19. 

The statement made it clear that interest rates on public debt could rise to EGP 569 billion in 2019/20 from EGP 532 billion expected in 2018/19.

About EGP 327.7 billion have been allocated for grants and subsidies in 2019/20, up from an expected EGP 315.8 billion this fiscal year, according to the statement.

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