Egypt’s cabinet approves 2017/18 budget

CAIRO - 29 March 2017: The Egyptian cabinet approved the new budget for the 2017/18 fiscal year (to start July 1) on Wednesday, with expenditure projected to reach 1.2 trillion EGP ($66 billion) while revenues are expected to edge up to 820 billion EGP.

The budget deficit is targeted to slow to 9.1 percent of the gross domestic product (GDP), Finance Minister Amr el-Garhy said in a press conference at the Cabinet, adding that the government aims to achieve a 4.6 percent economic growth during 2017/18.

Energy and social protection subsidies are projected to reach 340 billion EGP in the new budget, including 200 billion for social protection programs, the minister said. State employees’ wages increased to 240 billion.

Gross public debt exceeds 3.5 trillion EGP in the new budget (around 104 percent of GDP), Garhy added.