President adds LE60 bn from Gulf aid to state budget

Interim President Adly Mansour has added LE60 billion from the US$12 billion Gulf financial aid package to the state budget.
Cabinet had sent Mansour a draft law amending the state budget in his capacity as interim president and in the absence of parliament. The draft is to add LE29.7 billion as an initial package to the state budget to boost the economy.
The finance minister said on Sunday that the package includes government investments estimated at LE20.1 billion for the fiscal year 2013/2014 that began in July, and LE9.6 billion to spend on subsidies, grants, wages and compensations.
He added that the amendment would not be the last, and that it aims to contain the rise in unemployment and achieve a balance between growth and social justice.
The minister also said the package targets to reduce the budget deficit by 10 percent.
Edited translation from Al-Masry Al-Youm

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