President Abdel Fattah El Sisi approved on Thursday the state budget for 2015/2016 fiscal year after introducing some amendments meant to cut down deficit and rationalize public spending.
The President has asked the government to reconsider the budget in a way that will help cut down general deficit, control inflation rate, lower debts, direct state revenues into social and development spending and achieve economic and financial stability, Presidential Spokesman Alaa Youssef said.
Sisi also instructed increasing financial allocations for programs of social dimension that target poor and limited income people, the spokesman added.
The President also called for developing State’s non-taxable revenues through controlling financial performance of governmental institutions and making sure that they refer their profits to the treasury.
Sisi underlined the importance of carrying out legislative reforms through amending laws of customs, tenders, sukuk and sales taxes.
Source : egyptindependent