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General budget to be submitted to Parliament next week: Finance Minister

Sunday 24/March/2019 - 05:17 PM
Finance Minister
Finance Minister Mohamed Maait
Edited by: Mohamed Emad

Finance Minister Mohamed Maait announced that the ministry will conclude a draft next week for fiscal year 20192020’s new general budget، which will start July.

The new budget will include; reforming the wage system، reducing deficit and increasing governmental investments especially in the health and education sectors، Maait explained in an exclusive statement to Al-Masry Al-Youm، on the sidelines of the Egypt Economic Forum on Saturday.

There will also be a new strategy for public debt management to reduce it to less than 90 percent of GDP، he said، according to Egypt Today.

A committee from the Ministries of Finance and Solidarity and the Central Auditing Organization have been set up to determine the size pension debts. The results of the study will be presented to the President within 30 days، including a wage reform plan to be implemented in July، Maait said.

The ministry will begin applying the amendments to income taxes on bank investments with bills and treasury bonds، he said، pointing out that it was agreed with the Federation of Egyptian Banks on the settlement of receivables every three months.

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