Government Approves Finance Minister’s Proposals To Cut Budget Deficit

Egyptian government approved, yesterday, in its meeting the proposals by Hany Kadry, Minister of Finance, to cut the budget deficit in the draft budget after Egyptian president Abdel Fatah Al-Sisi refused to sign the previous draft budget.

Spokesman Hossam El-Kawish said that the finance minister’s proposals include additional cuts in spending, and restructuring the tax system more.

El-Kawish expected the new proposal to be approved by the president.

The proposals include a cut in the allocated budget for some ministries and the trade and diplomatic representation.

El-Kawish added that in case the new proposed budget was refused by the president, the current budget will be extended because the fiscal year will end in a few days.

Source: AlBorsa newspaper & Arab Finance