LE 138.6 Billion for Wages by an Increase of LE 21 bn

The cabinet is due to allocate its next meeting under Prime Minister Dr. Kamal al-Ganzouri to discuss the two drafts of the State budget and the investment plan of the new fiscal year, said Momtaz al-Saeed, the Finance Minister in a joint press conference with Fayza Abul-Naga, the Minister of planning and International Cooperation.

Expenditure in the new 2012-2013 state budget reached LE 537.7 bn compared to LE 476 bn in the rationalized budget of 2011-2012 or an increase of 14%, said Finance Minister Momtaz el-Saeed. He said the revenue target in the new budget was LE 392.4 bn against LE 349.6 bn in the preceding budget. Saeed added that wages in the new State budget is estimated at LE 138.6 bn against LE 117 bin in the preceding budget by an increase of LE 21 bn.

The total deficit in the new budget will be LE 140 bn or 7.9% of the Gross Domestic Product (GDP), he said, adding the figure is lesser than that of the present budget, in which the total deficit made up 8.6% of the GDP. Moreover, Abul-Naga said that the two drafts of budget and plan reflect the aspired targets of the structural and financial reform, maximizing revenues, reducing spending and realizing social justice.