Momtaz El-Said, Minister of Finance, stressed that the new budget will begin to be implemented on 1 July, saying that he expects the Supreme Council of the Armed Forces (SCAF) to approve it today.
El-Said said in several statements that SCAF did not make any amendments to the budget, as it had already agreed to the budget before it was turned over to the parliament. He added that the new budget proposal includes a number of reforms designed to re-start Egypt’s growth. He also said that it is hoped that the new government can successfully implement it in the coming period.
The Minister added that all planned tax reforms will be before the incoming government to decide how to implement them according to its vision, noting that economic indicators show that the economy gradually recovered with the restoration of security and political stability. He also said that economic restructuring has led to regained confidence in the stability of the Egyptian economy and stimulated local and foreign investment. He predicted growth rates of up to 5.8% in 2014/2015 with the decline in public debt and unemployment.