Egyptian Parliament passes FY2018/19 budgeting

Egyptian House of Representative has officially passed Tuesday the state budgeting of the financial year 2018/2019.

The budget is set to increase wages and pensions by around 60 billion pounds, with the aim to provide social protection for more than 15 million citizens while reducing fuel and electricity subsides, as the Cabinet seeks to balance the budget and reduce deficit to 4.8 percent.

Egypt’s Finance minister Amr El-Garhy revealed that the tax revenues are expected to grow to 1.4 trillion pounds within 2022, and drive down the budget deficit below four percent.