Cabinet Committee to Probe Details of the New Budget

Prime Minister Dr. Kamal al Ganzouri has decided to set up a mini cabinet committee to probe details of the new budget of the FY 2012-2013 before referring it to the People's Assembly. Figures indicate that the volume of revenues in the new budget amount to L.E 377 bn where as aggregate expenditures amount to L.E.538 bn. According to the draft budget, monetary deficit amounts to L.E 161 bn whereas total deficit amounts to L.E 155 bn, subject to decrease.

According to a cabinet source, new measures would be taken for cutting down spending and the social dimension will be observed. The new budget aims at increasing growth rate from 2% in the past budget to 53%, a figure which conforms to estimates of the international monetary fund and the World Bank.

According to a cabinet official, the new budget would change the map of subsidies top priority would be given to the principle of sociaand l justice through measures that secure subsidy for the targeted categories. According to the budget figures a sum of L.E.158 billion has been assigned for subsidies, grants and social privileges, including L.E.25 billion for supply commodities, up with L.E.6 billion than last year's figures.