Egypt’s expenditures likely to hit $68.6 bln in FY2020: ministry

Egypt’s expenditures could reach up to 1.574 trillion Egyptian pounds ($68.6 billion) within the financial year 2019/2020 budgeting, according to a statement released on Monday by the finance ministry.

Expenditures are expected to reach 1.403 trillion pounds within the financial year 2018/2019 , the statement said.

“Spending policies outlined in the 2019/20 budget are mainly based on the idea of rationalisation while improving public services. This has to do with improving spending to support the economy in a way that would help create new jobs for youth, increase the income of citizens and reduce poverty,” the statement said.

Salaries and compensations for employees are estimated to reach some 301 billion pounds within the 2019/2020 budgeting from 270 billion pounds within the financial year 2018/2019.

The statement made it clear that interest rates on public debt could rise to 569 billion pounds within 2019/2020 against 532 billion pounds within 2018/2019.

About 327.7 billion pounds have been allocated for grants and subsidies within the financial year 2019/2020 up from 315.8 billion pounds within the current financial years, according to the statement.

Source: MENA