Home Feature Egypt’s parliament Oks supplementary spending bill for FY20

Egypt’s parliament Oks supplementary spending bill for FY20

by Amwal Al Ghad English
Egypt

Egypt’s parliament on Wednesday approved an supplementary spending bill worth 80 billion Egyptian pound ($5 billion) for the financial year 2019/2020 financial year, which ended on Tuesday.

The funds will be directed to help pay 102 billion pounds that the electricity ministry owes the oil ministry and to pay a 50 billion pound first instalment on the 160.5 billion pounds owed to the state pension fund, Finance Minister Mohamed Maait told the parliament on Wednesday.

The 2019/2020 budget had originally allocated spending of 1.57 trillion Egyptian pounds.

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