Egypt’s expenses record LE300.6 B in 4 months

CAIRO – 26 February 2018: Egypt’ expenses recorded LE 300.6 billion ($16.96 billion) in the first four months (from July to October) of the current fiscal year 2017/2018, according to a recent report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

The report showed that interest expenses acquired 36.8 percent of total expenses with an amount of LE 110.5 billion during the first four months of this fiscal year.

Wages expenses increased during these four months to LE 76.7 billion, ranking second in the expenses list with 25.5 percent, compared to LE 70.5 billion or 29.9 percent in 2016/2017.

The report added that Buying non-financial assets recorded LE 21.9 billion, marking 7.3 percent of the total expenses, while support and grants expenses reached LE 53.8 billion, amounting to 17.9 percent of the total expenses.

Purchases acquired 3.4 percent of the expenses by LE 10.2 billion, and other expenses reached 9.1 percent of the total expenses, recording LE 27.5 billion, according to the CAPMAS report.

Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s revenues increased to LE 179.2 billion in the first four months (from July to October) of the current fiscal year 2017/2018.

The report showed that the revenues rose in the first quarter (Q1) of this fiscal year to LE 129 billion.

Tax collections recorded the largest share of the total revenues during the period from July to October, reaching 77.9 percent and recording LE 139.6 billion, according to the report.

Meanwhile, Egypt’s budget deficit increased 7 percent in the first half of fiscal year 2017/2018, to record LE 187.3 billion, compared to LE 174.6 billion in the same period of 2016/2017.

For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

In October 2017, The World Bank expected Egypt’s budget deficit to decline to 8.8 percent of the gross domestic product (GDP) in fiscal year (FY) 2017/18, the international financial institution said.

Egypt’s fiscal year begins in July and ends in June.