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Egyptian cabinet approves budget draft for FY 2015/2016 - Daily News Egypt

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Egyptian cabinet approves budget draft for FY 2015/2016

Government targets 9.9% budget deficit and expect a 23% increase in revenues

daily news egyptCoinciding with the first day of Ramadan and an hour before breaking fast, the Egyptian cabinet announced that it approved the budget draft for the fiscal year (FY) 2015/2016, setting the target for deficit at 9.9% of gross domestic budget.

The budget deficit for FY 2014/2015 stands at 10.8%. Last year, the government set a goal of 10% of GDP for the deficit.

The government announced that it is expecting a 23% surge in public revenues, which will be utilized to a 12% increase in social programmes.

The budget targets 22% increase in spending on health and 8.3% increase on education.

Public spending is expected to record EGP 872.6bn, an 18.5% increase compared to the current fiscal year.

About EGP 75bn were expected from investment, the cabinet noted.

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