Egypt’s parliament Oks supplementary spending bill for FY20

Egypt’s parliament on Wednesday approved an supplementary spending bill worth 80 billion Egyptian pound ($5 billion) for the financial year 2019/2020 financial year, which ended on Tuesday.

The funds will be directed to help pay 102 billion pounds that the electricity ministry owes the oil ministry and to pay a 50 billion pound first instalment on the 160.5 billion pounds owed to the state pension fund, Finance Minister Mohamed Maait told the parliament on Wednesday.

The 2019/2020 budget had originally allocated spending of 1.57 trillion Egyptian pounds.