EGP 51 Billion Increase in Wages, Pensions in New Budget

The Ministry of Finance revealed indications of the new draft general budget of the State for the financial year 2013/2014. This is expected to be discussed further by the Shura Council within the next few weeks. It was also revealed that the total public spending in the new budget has reached almost EGP 700 billion, and the total revenues reached almost EGP 500 billion, with a deficit of EGP 200 billion.

The Ministry noted that nearly EGP 173 billion has been allocated for wages, which is EGP 31 billion more than that of the current financial year. Additionally, nearly EGP 30 billion has been allocated for insurance and pensions, and that is calculated to be EGP 20 billion more than the budget allocated to the current year.

On the other hand, the Federation of Egyptian Industries (FDI) called for accelerating the issuance of a new customs tariff which provides for increasing customs duties on imported commodities. The FEI also called for increasing customs imposed on imports of fully manufactured products.
Chairman of the FEI customs committee, Magd El Manzalawy, said that the proposed amendments are necessary for saving the national industry which is currently facing great problems such as the water and energy price increases and the state of insecurity. “The proposed amendments will also lead to increasing the State's revenues”, Manzalawy added.

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