Egypt’s Govt Pumps EGP 55.6 bln New Investments

Finance minister, Momtaz Al Saeed, said the state’s general plan for the fiscal year 2012/2013 budget includes investments with EGP 55.6 billion, compared with EGP 47.2 billion of the current budget. This to boost its provisions to EGP 8.4 billion, with a 17.8% growth rate in 2012; and to increase the proportion of the public investments’ contribution in GDP. He referred that these investments concern only the governmental apparatus involved in the state’s budget.

As per the outcomes, the minister said the new budget 2012\2013 doesn’t include any increasing of the tax burden. He denied imposing taxes on Egypt’s stock market which the government keens on its stability. This is to be reflected on Egyptian economy and attracting the investment. He added that the total outcomes of the new fiscal year are EGP 393.4 billion, compared with EGP 349.6 billion of the current year, increased by EGP 43.8 billion and growth rate 12.5 %. It covers about 74% of total sending, as the total of the budget’s finance gab reached EGP 140.3.

Minister said there will be increases in the expected taxes outcomes in light of improving the performance of Egyptian economy in the last months.

The general tax is a reflection for the profits’ level, as this appears in the estimation of the general tax, EGP 150 billion in the fiscal year 2012/2013, with increase EGP 19.3 billion and growth rate 14.8%.

As for the customs, the minister expects for Egypt’s international trade a notably reactivation during the upcoming period, consequently the customs outcome may increase by EGP 2.8 million , to reach EGP 20.8 billion and growth rate 15.6%.