Photo: IMF Staff Photo/Stephen Jaffe The Cabinet headed by Prime Minister Kamal al-Ganzouri approved in its meeting on Wednesday 16/5/2012 the draft state budget and the investment plan for the fiscal year 2012/2013.
The Cabinet is to refer the draft budget and investment plan to the Head of the Supreme Council of the Armed Forces Field Marshal Hussein Tantawi who will forward it to parliament for discussions and to be effective as of July first.
At a joint press conference with Finance Minister Momtaz al-Saeed following the Cabinet meeting, Planning and International Cooperation Minister Fayza Abul-Naga said that the Cabinet's approval of the plan and budget was made in the longest ever session to be held by the government of Ganzouri.
The plan and budget aim at achieving a growth rate of % 45 as well and taking into consideration the social justice, improving the standard of living and fighting unemployment.
The government is concentrating as well on human resources development represented in the health, education, and scientific research.
Total expenditure in the state budget is LE 533.7 billion while total revenues is LE 393.4 billion, thus the deficit is LE 140.3 billion. This is what could be termed as the monetary deficit.
Abul-Naga said the investment plan reached LE 55.6 billion and that it secured LE 43 billion from the budget with an in crease of % 77 to cover at the demands of ministries and organizations to achieve social justice for the Egyptian citizen.
Housing sector increased from LE 88 billion to LE 111 billion, Abul-Naga added.
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