President Abdel Fatah al-Sisi ratified Sunday evening the country’s budget for fiscal year 2019/2020, according to the Egyptian official gazette, Al-Wakaa’ Al-Masrya.
This comes after the Egyptian Parliament, headed by Ali Abdel-Aal, approved on June 24, a draft law linking the state budget and schedules, annexes and visas for the next fiscal year, which begins on July 1.
The Law No. 79 of 2019 on linking the general budget for the fiscal year 2019-2020 was published in the Official Gazette.
In April, Minister of Finance Mohamed Ma’it reviewed Egypt’s draft budget for new fiscal year 2019/2020 in the Parliament, stating that the draft budget aims to increase the growth rate to about 6 percent, at a cost of LE 6.163 trillion.
Ma’it added that the new budget focuses on the growth of containment and sustainability to result in reducing inflation to 10.5 percent, and the unemployment rate to 9 percent.
The minister stated that it also aims at reducing the total budget deficit to about 7.2 percent of GDP compared to 8.4 percent in FY17/2018.