President Abdel Fattah Al-Sisi has approved the fiscal year (FY) 2014/2015 state budget, where the total expenditure is EGP 789bn and the total expected revenues is EGP 549 bn. The approved budget will push the budget deficit down to 10% of GDP, some EGP 240bn.
The budget deficit in FY 2013/2014 registered EGP 243bn, 12% of GDP.
The approved budget has witnessed some adjustments from the draft that was sent to presidency on the first day of elections. In the draft, the targeted revenues were around EGP 517bn while the expenditures were EGP 807bn.
Last Tuesday, Al-Sisi announced that he has yet to approve the state budget’s current draft for FY 2014/2015, which would push the budget deficit up and increase the debt to over EGP 2tn.
“I met with the prime minister, the finance minister, the planning minister, among other ministers, to discuss the 2014/2015 draft for state budget,” Al-Sisi said, adding that “some adjustments and revisions need to be made”.