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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)
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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.
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