With Less energy subsidies, Egypt new budget awaits Sisi’s Approval Today

Egypt’s government is expected to submit an amended budget for 2014-2015 to President Abdel Fattah al-Sisi within coming few hours, according to an official source from the Cabinet.

The source noted that the deficit in the state’s new budget after reforms would record EGP 240 billion. 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.

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.