Cabinet approves budget for FY 2018/19, refers it to Parliament

CAIRO – 18 March 2018: Egypt’s Cabinet approved on Sunday the new state budget for fiscal year 2018/19, Prime Minister Sherif Ismail said, adding that it will be referred to the Parliament.

Ismail said in a press conference at the Cabinet headquarters that the new budget targets expenditures of LE 1.41 trillion, GDP growth of 5.8 percent, 88 per cent public debt and achieving a primary budget surplus.

He added that the budget targets a budget deficit of 8.4 percent of GDP and investments worth LE 100 billion, up from LE 70 in the previous budget.

The Prime Minister confirmed that the Egyptian economy is going in the right direction.

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.

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