Sisi ratifies FY2014/15 Final Account

Cairo – 6 June 2017: President Abdel Fatah al-Sisi approved decree no. 17 to connect the Final Account for fiscal year 2014/15, according to the Official Gazette.

The state budgeting for that fiscal year was around LE 983 billion ($54.3 billion), where the revenues, loans collections and sales of non-financial assets amounted to LE 467 billion and the expenditures recorded LE 733 billion.

In FY 2014/15, the volume of loans recorded LE 515 billion, according to the Official Gazette.

On May 31, the Parliament approved draft laws to connect Final Account for the government’s economic authorities for FY2015/16, and referred it to the State Council.
The Parliament’s budget committee requested to refer four cases to the Administrative Prosecution Authority related to General Authority for Reconstruction Projects and Agricultural Development and other economic authorities that did not ratify their budget, before sending them to the Parliament.

The Egyptian Cabinet approved in March the new budget for the 2017/18 fiscal year (to start July 1), with expenditure projected to reach LE 1.2 trillion ($66 billion) while revenues are expected to edge up to LE 820 billion.

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