Sunday, March 26, 2017

Egypt to allocate 1pct of GDP for social protection programmes in 2017/18

Egypt's finance ministry plans to allocate a part of the savings made from the government's ongoing economic reform plan to support social protection programmes, Minister of Finance Amr El-Garhy announced Sunday. In a statement emailed by the ministry, El-Garhy said that the allocations would represent one percent of Gross Domestic Product (GDP). Egypt's GDP stood at EGP 2.7 trillion in the fiscal year 2015/16, according to the latest data on the website of the Central Bank of Egypt (CBE). The country started a fiscal reform programme in July 2014 in an attempt to curb a growing state budget deficit, which registered 12.2 percent of GDP in fiscal year 2015/16, through cutting subsidies and introducing new taxes Read More