Egypt issues preliminary financial statement for FY2018/19 budgeting

Egypt’s Finance Ministry issued Friday the preliminary financial statement for the 2018/2019 budget for the third year in a row.

The statement is revealed for those interested in the Egyptian economy locally and abroad. It also highlights the suppositions and forecasts the new budget is based on, in addition to the social schemes and policies included in the state budget.

Finance Minister Amr el Garhi said that issuing such statement for the third consecutive year proves the ministry’s keenness on disclosing its data on the budget publically.

Egypt targets economic growth at 5.8 percent during 2018/2019, as well as reducing the unemployment to 11 percent, the statement revealed.

The gross fiscal deficit is planned to be reduced to 8.4 percent of the GDP, compared to 10.9 percent in 2016/2017, the statement disclosed. Source: MENA