10 Things You Need to Know About Egypt's New Budget

Published June 6th, 2018 - 09:50 GMT
Target growth stands at 5.8% of the GDP. (Shutterstock)
Target growth stands at 5.8% of the GDP. (Shutterstock)

Egypt's parliament started on Sunday the discussions on 2018/2019 state budget after it was approved by the cabinet in March.

The first meeting resulted in recommended amendments that aim to protect low-income citizens within the process on increasing state revenues.

Here are 10 highlights of the 2018/2019 budget that you need to know:

1- Target growth stands at 5.8% of the GDP.

2- The government aims to reduce budget deficit by 8.4% of the GDP while achieving a 2% primary surplus.

3- Public debt to be minimalized to 91% of the GDP.

4- Target inflation rate at 10%.

5- Unemployment rate to stand between 10 and 11%.

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6- The government decided to increase investments by 43% from the last budget, amounting to EGP 143 billion.

7- Target increase in revenues stands at 22% compared to last year's target which amounts to more than EGP900 billion.

8- Tax revenues target at EGP 770 billion through better use of already imposed taxes including VAT.

9- EGP 10 billion in revenues are planned by offering shares to the public in state owned businesses.

10- Social spending budget increased by EGP 1 billion than last year's budget to reach EGP 332 billion.


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