Egypt's revenues hit LE 100.57B in 2 months

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Tue, 30 Oct 2018 - 02:32 GMT

BY

Tue, 30 Oct 2018 - 02:32 GMT

Egyptian currency - Reuters

Egyptian currency - Reuters

CAIRO – 30 October 2018: Egypt recorded revenues of LE 100.57 billion during the period from July to August 2018, according to Ministry of Finance.

The ministry clarified in its monthly bulletin on Tuesday, Oct. 30 that expenditures during the two months reached LE 184.2 billion.

Former Minister of Finance Amr el-Garhy stated in June that the revenues hiked during July-May 2017/2018 to achieve 35 percent which exceeded the annual rate of expenditures, which marked 24 percent.

In 2018/2019 budget, Egypt targets to hit revenues of LE 989.2 billion, where taxes and tariff yields will contribute LE 770.3 billion to the new budget’s revenues.

As per expenditures, the budget expected spending of LE 1.41 trillion, including total expenditures of wages and pensions, recording LE 270.09 billion, while the expenses of the purchase of goods and services is set to reach LE 60.12 billion.

The 2018/2019 budget aims to record a budget deficit of 8.4 percent, or LE 438.58 billion, down from 9.7 percent estimated for 2017/2018.

A look at 2018/2019 budget in Parliament

CAIRO - 6 June 2018: Twenty five days before the new fiscal year starts, the Egyptian Parliament approved the 2018/2019 budget after discussing all its items. During the upcoming days, the final draft of the budget will be sent to President Abdel Fatah al-Sisi to ratify the budget in order to be taken into action.




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