BREAKING: Egypt’s Cabinet submits revised 2014/15 budget to President Sisi

Egyptian cabinet has just submitted the state’s revised 2014/15 budget to President Abdel Fattah al-Sisi, Finance Ministry’s spokesman Ayman Alkaffas told Reuters on Sunday.

The deficit in revised budget is to reach 240 billion Egyptian pounds ($33.57 billion), he added. This comes after making additional reductions by EGP 20 billion to energy subsidies in the new budget for the second time.

The price increase for petroleum derivative products will be issued by the end of the current week after adopting the new budget for 2014-2015, Al-Masry Al-Youm Newspaper reported earlier today.

Egypt’s newly elected president al-Sisi announced last Tuesday that he refused to ratify the state’s budget for the coming fiscal year 2014/15, as it would raise the country’s total domestic debt to EGP 2 trillion.

The budget, which should be finalised before the start of the fiscal year on 1 July, is due to be handed back to the country’s head of the state, after being reviewed.

In the same vein, Prime Minister Ibrahim Mahlab held intensive meetings all over the last two days with the ministers of planning, finance and petroleum to review the new budget.