Cabinet discusses new budget for FY 2018/19 Sunday

CAIRO – 18 March 2018: The cabinet is discussing in its meeting on Sunday the new budget for fiscal year 2018/19 before sending it to the Parliament.

Prime Minister Sherif Ismail said that the government targets a primary budget deficit of two percent of the Gross Domestic Product (GDP) and curbing budget deficit to 8.5 percent.

Initial budget estimates predict an annual rise in state revenues by 20 percent and lesser growth in expenditures by 13.6 percent.

It also aims at reducing unemployment rates through the expansion of projects and increasing exports.

Ismail added that the new budget would see unprecedented spending on sustainable development, health, education and infrastructure.

An initial outline presented by Finance Minister Amr el-Garhy to Ismail earlier this month shows that the Finance Ministry is targeting a budget deficit of between 8.5 and 8.8 percent and a GDP growth of 5.5 percent.

Garhy projected that revenues for the year would reach LE 1 trillion for the first time in the country’s history.

The Finance Ministry is expected to present the draft budget to the House of Representatives on March 31.