Finance Ministry spokesperson Ayman al-Kaffas said the ministry is sending the state budget for the next fiscal year to President Abdel Fattah al-Sisi for approval.
He said the funds for social projects have been increased to LE443 billion. “Our fiscal policy aims to achieve a growth rate of 5 percent next fiscal year and 7 percent by 2018,” he said. “We also target a 1 percent reduction of the unemployment rate.”
He said the deficit amounted to LE281 billion, which is equivalent to 9.9 percent of GDP, compared to 10.8 percent this fiscal year and 12.8 percent last year.
The total revenues in the budget are LE612 billion, he said, which is a 26 percent increase compared to this year, while public expenditure amounts to LE885 billion, 20 percent more than in the current year.
Government sources expect the President would not reject the budget this time, as he did last year, because it reduces subsidies for petroleum and food supplies.
Edited translation from Al-Masry Al-Youm
