Minister of Finance, Dr. Ahmad Galal said that the ministry of finance is committed to providing the financial resources required for the application of minimum wage for State employees after the government determined it with an amount of EGP 1200.
Minister Galal pointed out that the State budget deficit reached EGP 240 billion at the end of June, adding that the government is planning to reduce it.
The Minister made clear that the decrease of interest rate on the government treasury bills and bonds will help reducing this budget deficit and cost of repayment of the public debt. He noted that this step will reduce the government spending and coincides with application of the expenditure rationalization program, the matter which help government securing the cost of minimum wage application.
Galal explained that the assistances provided to Egypt from the KSA, UAE and Kuwait in the form of petroleum products with the value of USD 3 billion will reduce the costs required for providing citizens with subsidized petroleum products.