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Egypt's budget: optimistic aspirations and a difficult reality - Daily News Egypt

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Egypt’s budget: optimistic aspirations and a difficult reality

The government hopes to reduce the budget deficit to 9.8% and control public debt by raising revenue and reducing expenses.


 

Egypt’s economic ambitions aim to achieve a growth rate of 5-6.2% in fiscal year (FY) 2019/2020, and collide with the difficult reality of deteriorating security conditions and challenges of doing business in the country.

The government hopes to reduce the budget deficit to 9.8% and control public debt by raising revenue and reducing expenses.

Moreover, it expects to spend EGP 936bn on public expenses, an increase of 21.8% from the planned expenditure this year. Revenue from applying value-added tax (VAT) and a real estate tax are anticipated to register EGP 631bn.

The new budget targets to reduce the unemployment rate to 11.1% instead of the current rate of 12.3% through the implementation of a large package of investments exceeding EGP 500bn.

 

Topics: budget

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https://dailyfeed.dailynewsegypt.com/2016/05/23/egypts-budget-optimistic-aspirations-difficult-reality/
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