Implementation of Egypt’s new budget begins
The Egyptian government has recently began executing its new 2001/2002 public budget, according to Al-Hayat daily. The new state general budget plan is valued at 126.8 billion Egyptian pounds ($33.1 billion), compared with EP 110.3 billion of the previous fiscal year.
An additional EP 85 billion worth of investments, compared with EP 80 billion last fiscal year, are also part of the new budget’s development plan. The state budget allocated EP 15.3 billion to carry out infrastructure projects in the fields of drinking water, sanitary drainage, roads and health units, and EP 5.5 billion in investments in power projects in villages and new communities.
An allocation of EP 54 billion ($14 billion) has been registered for public sector workers' salaries and improvements in public services. Of this sum, EP 31.8 billion has been earmarked for salaries, EP 2.2 billion to retirement pensions and EP 2.3 billion to creating jobs. Some 500 million pounds will go towards bonuses for government employees.
Some EP 52 billion, or 41 percent of the overall budget, will be directed to social programs. The Egyptian Cabinet passed the new public budget in April, passing it then onto the parliament for further debating. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)