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Commencement of Economic Reform

Source: www.export-egypt.com 7/1/2014, Location: Africa

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Finance Minister Hani Qadri said that the difficult stage the Egyptian economy is currently undergoing imposes on this generation immense responsibilities and the burden of executing a hard economic reform program worthy of qualifying Egypt to forge ahead for development.

Qadri announced in a press conference on 30/6/2014 the new State budget plan and the packages of reforms it contains.

President Abdel Fattah al-Sisi has approved on Sunday the State budget, the biggest in Egypt 's history, of the fiscal year 2014/2015, according to the Minister of Finance.

President Sisi issued a presidential decree on the new State budget that includes LE 789 billion for total expenditures and targets public revenues of LE 549 billion, with a deficit hitting LE 240 billion.

The new budget includes implementing a package of economic and social reforms aiming to revive the Egyptian economy and overcome its structural problems.

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