3 August 2012

Egypt: Finance Minister - No Conflict Between President's Program and Principles of General Budget

Minister of Finance Dr. Momtaz El-Saeed said that the State general budget is capable of achieving the program of President Mohamed Morsy.

The Minister noted that there is no conflict between priorities of the President's program and principles of the general budget, which are based on achieving social justice through increasing spending on basic services and - at the same time - rationalization of spending and reduction of subsidies without affecting needs of simple citizens.

Saeed made clear that the President's goals during the first 100 days of his presidency will add no new burdens to the budget, because the matter depends on seriousness and sincerity in the work without the need for new financial allocations.

The Minister explained that the ministry's priorities in the current phase is to implement the project of "Al Nahda" with the resources available in the budget while sustaining the spending rationalization plan initiated by the national rescue government.

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