6 July 2018

Egypt: Finance Min. Reveals Surplus of Egp 4bn in State Budget for Fy 2017/18

Friday 06 July 2018 - 10:34 AM

The state budget for the 2017/2018 fiscal year (FY) had achieved an initial surplus of EGP four billion, surpassing the target of EGP three billion, Finance Minister Mohamed Maait revealed on Thursday.

The state plans to spend EGP 100 billion on public investments for the 2018/2019 fiscal year, in an increase of 43% compared to the past fiscal year, Maait said at a press conference following his inspection tour of Egypt's Large Taxpayers Center (LTC).

As for the issuance of international bonds, the finance minister stressed that the government does not intend at the present time to put forward such bonds, given the instability in global markets.

With regard to salaries, Maait clarified that the public business sector is committed to increasing the monthly salaries of its employees by a minimum of EGP 265 as per the relative annual pay increase law.

The tax revenues and the final account for the 2017/2018 fiscal year will be announced in July, the minister noted.

On the other hand, Maait reviewed ways to develop the Government Fiscal Management Information System (GFMIS) at the House of Representatives.

The ministry's representatives addressed the parliament's Planning and Budget Committee under Silivia Nabil on the ministry's electronization and digitialzation efforts to set up a strong, modernized financial system in the country.

As part of its modernization efforts, the ministry is now applying an electronic payment system.

The new system aims at facilitating the exchange of information with the other ministries, especially as regards planning and international cooperation.



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