Last Update 12:17
Tuesday, 19 November 2019

Egypt's finance minister presents 2012/13 budget to parliament

Momtaz El-Saeed confirms spending plans amid concerns the assembly has little time to debate adjustments to the bill before the new fiscal year begins in July

Ahram Online, Monday 4 Jun 2012
Momtaz El-Saied
Egypt's finance minister Momtaz El-Saied (Photo: Al-Ahram)
Share/Bookmark
Views: 1563
Share/Bookmark
Views: 1563

Egypt's finance minister has submitted the government's draft 2012/13 budget to Parliament, confirming figures and spending plans unveiled by his ministry last month.

Speaking before the People's Assembly on Monday, Momtaz El-Saeed confirmed that total state expenditure for 2012/13 will reach LE635.4 billion, up from LE594 billion in the current financial year.
 
State spending will see a 8.8 per cent raise and give additional funding to food subsidies, pensions and housing. But subsidies for fuel and gas will be allotted LE70 billion of state spending in 2012/13, a significant drop on LE95.5 billion this year.
 
The presentation of the budget is around two months overdue -- Egyptian law stipulates that parliament must have a draft 90 days before the start of the relevant financial year -- leading to concerns it may not be passed before it is due to take effect on 1 July.
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.