Daily News Egypt

Budget deficit reaches EGP 197.5bn - Daily News Egypt

Advertising Area



Advertising Area




Budget deficit reaches EGP 197.5bn

Current deficit now amounts to 9.5% of GDP


Subsidies, grants and social benefits, including funds allocated for the staple bread, accounted for EGP 205.5bn of budget expenditure (AFP Photo / Mahmud Hams)
Subsidies, grants and social benefits, including funds allocated for the staple bread, accounted for EGP 205.5bn of budget expenditure
(AFP Photo / Mahmud Hams)

By Lamia Nabil

The total budget deficit has reached EGP 197.5bn, or 9.5% of GDP, according to the government’s budget report released on Monday.

Total revenues reached EGP 497.1bn, or 24% of GDP, comprising tax revenues of EGP 356.9bn, grants of EGP 2.36bn, and returns on government assets, such as the Suez Canal, of EGP 137.9bn.

Total expenses reached EGP 692.1bn, or 33.4% of GDP, comprising EGP 205.5bn in subsidies, grants and social benefits; EGP 182.5bn in interest payments on loans; EGP 172.2bn in payments and compensation for government employees; EGP 63.7bn in expenditures on non-financial assets, such schools, bridges, and public utilities; EGP 30.7bn in other expenditures, the majority of which goes to the Egyptian military’s budget; and EGP 38.3bn for goods and services purchased by the government.

“We received a summary of the budget from the cabinet,” said Kamal Beshara, a member of the economic and financial committee of the Shura Council. “We will discuss the new budget within the next few days, as we will take some time to read the summary and to put our questions before an open discussion.”

The cabinet prepared the budget for the coming Fiscal Year (FY) 2013-2014, which starts this July.

The cash deficit, the difference between expenditure and revenue, reached negative EGP 195.3bn, 4.9% of GDP, while total net acquisition of financial assets, such as those government bonds and treasury bills purchased from foreign governments, reaching EGP 2.22bn. Net proceeds from non-privatised asset sales and loans reached EGP10.7bn.

The new budget report estimates that the total volume of foreign loans has reached EGP 197.24bn.

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2013/04/15/budget-deficit-reaches-egp-197-5bn/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View
Social Media Auto Publish Powered By : XYZScripts.com