Iron, cement revenues record LE 300M in new budget

CAIRO – 15 April 2018: Iron and cement’s expected revenues in the upcoming budget of fiscal year 2018/2019 recorded LE 300 million ($17 million) of the total revenues of LE 989 billion.

The total revenues in the new budget increased by LE 154 billion, compared to LE 835 billion of the current budget.

The revenues of the general budget are based on several items such as taxes and customs, surplus of the Suez Canal and oil surpluses, fees for government services, court fees, fines, and other revenues.

The preliminary financial statement for the 2018/2019 budget showed that Egypt’s plan to float some state-owned companies on the Egyptian stock exchange is expected to add LE 10 billion to state coffers in the new fiscal year 2018/19.

In 2016, Egypt announced a five-year program to offer shares in some state-owned companies on the Egyptian Exchange (EGX) to attract investment and invigorate the stock market.

The financial statement also estimated a budget deficit of LE 438.59 billion, compared to LE 430.8 billion as an expected deficit for 2017/2018 budget, with an increase of LE 7.5 billion.

Egypt aims to record a budget deficit of around 6.2 percent of GDP in fiscal year 2019/2020, according to the statement.

It targets a budget deficit of 8.4 percent of gross domestic product (GDP) in the new budget of fiscal year 2018/19, which will start on July 1.

The Finance Ministry issued Friday the preliminary financial statement for the 2018/2019 budget for the third year in a row.