Cairo – Mubasher: The Egyptian government drew up the state budget draft for the new fiscal year 2016/17, pending the approval of the presidency.
The new state budget will be considered by the parliament within April-June 2016.
The government targets a deficit of 9.9% in 2016/17, compared with 11.5% of GDP in the current fiscal year, said Minister of Finance Amr Al-Garhy.
This improvement is contingent on the decline in global oil prices, said the minister, adding that petroleum subsidy will retreat to EGP25 billion from EGP61 billion.
The revenues for 2016/17 are estimated at EGP627 billion, of which tax and non-tax revenues are EGP433 billion and EGP191 billion respectively, the minister added.
The government projected expenditures to stand at EGP936 billion versus EGP829 billion in 2015/16 as spending on public debt, wages, and government investments increased to EGP292billion, EGP228 billion, EGP107 billion respectively, Al-Garhy stated.
In the new budget, the value of dollar is set at EGP9 and U.S crude oil stands at $40 a barrel.
