Parliament approves budget law for upcoming financial year

CAIRO – 4 July 2017: The House of Representatives approved draft laws for the state’s economic and social strategy and the draft budget for the fiscal year 2017/18 on Tuesday, the Speaker of the House of Representatives Ali Abdel Aal announced.

The parliament also approved a draft law for the 2017/18 financial year budget of the National Organization for Military Production (NOMP). The NOMP supervises a number of manufacturing plants used to produce equipment used by Egypt's armed forces.

The drafting of these new economic laws comes as part of the government's plan to target a budget deficit of 9.1 percent of GDP in FY 2017/18, according to the Ministry of Finance.