Sisi ratifies Egypt's 2020/21 budget

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Wed, 08 Jul 2020 - 04:06 GMT

FILE - Sisi

FILE - Sisi

CAIRO – 8 July 2020: Egyptian President Abdel Fatah Al-Sisi ratified Law No. 85 of 2020 linking the state’s general budget for the fiscal year 2020/2021.

 

The law was published on the Egyptian Gazette Wednesday.  The first article of the law stated that the uses of the state budget for the fiscal year 2020/2021 were estimated at LE 2.297 trillion.

 

According to the second article of the law, the uses of the state’s general budget for the fiscal year 2020/2021 were distributed as follows:

 

The total expenditures in the state budget for the current fiscal year are estimated at LE 1.7 trillion, distributed on the following sections:

 

Total of Wages and Compensation for employees is estimated at LE 335 billion. 

 

Moreover, total of possession of domestic and foreign financial assets is estimated at LE 28.75 billion.  

 

The total amount allocated for the repayment of local and foreign loans was estimated at LE 555.56 billion.

 

Article 8 of the law stipulated that the Minister of Finance can issue bills and bonds on the state’s public treasury in accordance with the terms and conditions agreed upon with the Central Bank of Egypt to meet coverage of the public budget deficit, and finance the deficit of economic bodies carried over in previous years to the extent that it is proven that the public treasury must finance it.

 

Egypt's budget in COVID-19's era

CAIRO - 21 April 2020: Coping with the global and economic circumstances taking place as a result of coronavirus (COVID-19) and the precautionary measures taken to curb it, Egypt's cabinet, headed by Prime Minister Mostafa Madbouli, approved, on March 26, the draft budget and the sustainable development plan for the new fiscal year 2020/2021.

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