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EGP 2.38bn to be allocated from budget ‘to supply necessary goods’ to citizens: Galal - Daily News Egypt

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EGP 2.38bn to be allocated from budget ‘to supply necessary goods’ to citizens: Galal

Oil sector will receive EGP1.106bn, ministry says in an official statement

Egyptian Finance Minister Ahmed Galal  (AFP PHOTO  ERIC PIERMONT)
Egyptian Finance Minister Ahmed Galal

Interim Minister of Finance Ahmed Galal plans to allocate EGP 2.83bn from the state’s budget to supply basic products to Egyptian citizens, according to a Tuesday statement by the ministry.

To solve financial conflicts between the electricity and oil sectors, the ministry said that it would provide the latter with EGP 1.106bn, which is the value of oil products used in electricity power stations in February.

According to the ministerial statement, EGP 206m will be directed to the public sectors’ “Restructuring Fund” for the disbursement of the annual bonus for employees who work in the Cotton and Textile Industries Holding Company (CTIHC). This brings the total amount provided to the company during the current fiscal year to EGP 307m.

The share of the Holding Company for Water and Waste Water (HCWW) will total EGP62.5m.

Egyptian Sugar and Integrated Industries Company (ESIIC) will receive EGP 500m, bringing the total amount received by the company to EGP 2.986bn. This amount includes EGP 1.7bn for deliveries of subsidised sugar during the current fiscal year and EGP 1.286bn for deliveries made during the previous fiscal year.

The General Authority for Supply Commodities (GASC) will be provided with EGP 100m to repay rice suppliers. The ministry will provide an additional $127.682m to guarantee the authority’s ability to import wheat and cooking oil.

GASC imports of 240,000 tons of wheat, which will cost around $75m, and 58,500 tons of cooking oil, which will cost $52m.

The Egyptian Radio and Television Union (ERTU) will receive EGP 200m to pay “inevitable obligations” such as wages. The ERTU has received EGP 1.72bn between July 2013 and February 2014.

On the same day, Galal issued a decree allowing the provisional release of photographic and audio equipments along with accessories and clothing needed for film making from customs. This aims to solve problems relating to the filming of foreign movies in Egypt.

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