Fiscal year
Egypt will not take out new loans unless they are on soft terms and only for pressing developmental needs, the minister said.
The decree came out during a meeting the president held Sunday to discuss the FY2023/2024 draft budget.
Egyptian imports from the United States of America witnessed a remarkable increase during the first 10 months of last year 2022, according to data from the Central Agency for Public Mobilization and Statistics.
Egypt's investment plan into the communications and information technology sector during the fiscal year 2022/2023 aims to raise the efficiency of the use of the Internet and connectivity networks for the state’s administrative apparatus at a value of one billion pounds, according to a government report by the Ministry of Planning.
The volume of private sector investments is expected to reach about 300 billion pounds during the new fiscal year.
This will be through developing a transparent system that responds and interacts with the citizens and is subject to societal accountability, while setting clear rules to prevent and reduce corruption.
The wage increases for the employees working at the administrative body of the state will cost the state around LE 37 billion in total and the pensions increase will cost the state around LE 31 billion, a presidential statement read.
Egypt’s fiscal year starts on July 1 and ends on June 30 of the next year.
Prime Minister Moustafa Madbouli said the government upped the proposed investment budget for the coming fiscal year to LE 230 billion against LE 150 billion in the current fiscal year.
Minister of Planning Hala el Saeed said Saturday that the fiscal year 2020/2021 plan was developed to be exceptional, unlike the previous two medium term sustainable development plans.
Investment and exports make up 74 percent of that growth.
Egypt Today breaks down the initial aims of the budget, the final report and what the microeconomic indicators mean for Egypt’s economy.
The program is expected to add LE 10 billion to state coffers in the new fiscal year 2018/19.
Egypt targets a budget deficit of 8.4 percent of GDP in the new budget of fiscal year 2018/19.
The Egyptian investment plan of the fiscal year 2018/2019 targets a gross domestic product (GDP) of 5.8 percent, according to the Ministry of Planning.
The company’s sales registered LE 3.1 billion between July and September, compared to LE 1.5 billion in the corresponding period last year.
The U.S. budget deficit widened to $666 billion for the fiscal year 2017 as record spending more than offset record receipts.
The Information Center of the Cabinet of Ministers denied on Wednesday rumors about controversial issues that were spreading from October 15 to October 18.
Minister of Planning Hala el Saeed said Saturday economic indicators for the first nine months of 2016/2017 fiscal year were positive.
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.
