Egypt’s Parliament Approves 2019/2020 Budget Egypt’s Parliament Approves 2019/2020 Budget
This post was originally published on this site Egypt’s parliament approved the government’s 2019/2020 budget on Monday, targeting a 7.2% deficit for the year... Egypt’s Parliament Approves 2019/2020 Budget
This post was originally published on this site

Egypt’s parliament approved the government’s 2019/2020 budget on Monday, targeting a 7.2% deficit for the year and 6% GDP growth. 

That compared with expectations of a budget deficit of 8.4% of gross domestic product and 5.6% GDP growth in the 2018/19 fiscal year that ends on June 30.

The new budget sees a debt-to-GDP ratio of 89% by the end of June 2020, from a projected 86% in the 2018/19 fiscal year.

The budget allocates 52.963 billion Egyptian pounds ($3.18 billion) for fuel subsidies, down from 89.75 billion pounds this fiscal year.

In a letter to the IMF in January, Egypt said it would remove subsidies on most energy products by June 15 as part of a three-year, $12 billion loan program with the lender.

The subsidies have yet to be lifted and the government has not said when it will raise fuel prices. ($1 = 16.6800 Egyptian pounds)

Source: This post was originally published at Al Bawaba on .

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