Egypt Gears up Biggest Budget ever for FY2014/15

Big 5

Egypt is preparing the biggest ever budget in the nation’s history for the FY2014/15, according to official source from Finance Ministry.

As pursuant to initial indicators, Egypt’s FY2014-15 budget is worth EGP 800 billion (US$114.94 bln), compared to EGP 692.4 billion (US$99.48 billion) for FY2013/14.

This budget does not include yet the major economic reform schemes, which are currently under review.

In Egypt, the fiscal year starts on 1st July and ended on June 30 of the next year.

The official, who asked for Anonymity, further said the revenues for FY2014/15 are expected to hit EGP538.2 billion (US$77.32 bln), distributed to taxes worth EGP386.3 billion (US$55.5 bln) in addition to EGP2.1 billion (US$301.7 mln) grants, and EGP144.4 billion (US$ 20.47 bln) for other revenues.

Moreover, the Egyptian government has recently approved raising the minimum wage rate to EGP1200 (US$172.4), a matter that is expected to increase the budget of wages from EGP172.1 billion (US$24.72 bln) to EGP207 billion (US$29.74 bln).