Parliament approves ‘Egypt’s Fund’ with EGP 200bn capital
Initial procedures of collecting funds for Egyptian sovereign fund in Q1 2019, says government sources
Abdel Razek Al-Shuwekhi
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Latest by Abdel Razek Al-Shuwekhi
Health Committee calls on health minister to explain reasons for postponing implementation of comprehensive health insurance in Suez Canal cities
It is not only a matter of desire to meet with minister of health to discuss delaying postponement of comprehensive health insurance, but to discuss government’s strategy for sector in coming period
Parliament to complete government assessment report next week: MPs
There are some reservations on indicators in government’ programme, like proceeds of non-oil exports, which would not exceed $28bn in 2020 despite measures taken, legislations approved by parliament in past two legislative terms
Parliament to discuss tenders, auctions draft law within days
Parliament decides percentage of local product within government contracts shall not be less than 15% to encourage local producers to invest, expand projects
Parliament finally approves additional credit in this year’s budget worth EGP 70.3bn
Allocations for interests on additional credit estimated at EGP 57bn, other expenses include EGP 2.3bn in compensation for North Sinai residents
I addressed former PM to activate Supreme Taxation Council, but in vain: revenue authorities committee head
Independence of Egyptian Tax Authority improves collection efficiency, expands financiers base, says Alexan
Parliament to form fact-finding committee to investigate EFA’s World Cup violations
Parliamentary youth and sports committee criticises EFA for involving Liverpool star Mohamed Salah in political disputes between UK, Chechnya
Health committee reject any new increases in medicine prices
Some pharmaceutical companies have submitted demands to the Ministry of Health to increase the prices of some medicine. In the past months, the Ministry of Health has agreed to increase prices of 24 products, after conducting an economic study of each one.
Education committee, minister to follow up on new school year preparations in July
Pre-university education allocations were at EGP 89bn in draft budget, while ministry sought EGP 128bn
Parliament to review new government’s plans by next week: sources
New prime minister will confirm his government’s commitment to continue economic reform programme initiated by former government
Unilever contracts with three global suppliers for new investments in Egypt: managing director
Company’s exports rose by 90% in past three years
Lack of approval for NAT allocations negatively affects its ability to fulfil international contracts: ministry official
NAT requests allocations worth EGP 35bn, while allocations last year reached EGP 8.144bn, including new projects worth EGP 110m, independent projects worth EGP 8bn
Parliament’s approval of additional allocations for this FY budget will not raise target deficit: planning and budget committee head
Increasing interest rates this FY raised debt interest dues by EGP 54bn
Parliament approves FY 2018/2019 budget
The Egyptian Parliament approved on Tuesday the fiscal year 2017/2018 general budget with a total expenditure of up to EGP 1.4tn and expected revenues of EGP 938bn. The budget deficit reached 8.4%, while the growth rate stood at 5.8%, driven by new employment opportunities provided by private sector investments, amounting to about 850,000 jobs. MP …
Global economic risks negatively affect draft budget for next year: parliament’s planning committee
US raising short-term interest rate tightens conditions of Egypt’s external financing
Planning and budget committee to study budget reports next month: MPs
Health committee demands increasing financial allocations for sector by EGP 20.7bn to reach EGP 82bn
Low quality of services obstacle to growth of Egyptian tourism: MP Amr Sedky
MP Amr Sedky, member of parliament’s economic committee, is optimistic that the Egyptian tourism sector will be able to recover quickly this year as tourist arrivals increased during the first quarter of this year to 2.3 million tourists, up from 1.7 million last year. Sedky, a former board member of the Egyptian Travel Agencies Association …
Economic bodies to cost state EGP 20bn in bonuses in next FY budget: economic committee member
The economic affairs committee of parliament plans to complete an aggregated report on the state’s economic bodies in the draft budget for the next fiscal year, to be submitted to the planning and budget committee. Member of parliament (MP) Mohamed Saad Badrawy said that the committee has many reservations regarding the work of economic bodies …
We may resort to raising allocations in draft budget to address hike in oil prices: planning committee
Hikes threaten target deficit, says Omar
Parliament seeks EGP 63bn increase in education, health allocations
Allocations increase of EGP 40-45bn expected
Planning, budget committee demands increasing social security allocations for low-income families: MP
Programme would benefit 3.8m families
Government turns down Support Egypt coalition proposal to raise income tax threshold to EGP 24,000
Last legislative term, budget committee sent three proposals to Ministry of Finance on lifting income tax exemption limit
MPs demand to see plan to list state companies on EGX
Finance Ministry tells planning, budget committee government will offer 15-30% of 23 companies over two years
Slashing subsidies without improving public services eliminates middle class: MPs, economists
Government will reduce fuel subsidies next fiscal year to EGP 89bn from EGP 110bn this year, while electricity subsidies trimmed from EGP 30bn to EGP 16bn
Planning committee demands Finance Ministry increase education, health allocations in next FY budget: deputy head
Allocations of education, health, research sectors to reach EGP 177bn next year: EGP 115.6bn for Education, Higher Education Ministries, EGP 61.8bn for Health Ministry
Parliament to discuss 2018/2019 draft budget next week: MP
Planning and budget committee to hold meetings with Finance Ministry officials
Agriculture committee urges government to raise wheat price to EGP 625-650 per ardeb
Increasing price will bring in EGP 1,500-2,000 per feddan, while current government price creates no profits for farmers
Investors urge government to pay export subsidy arrears
Government increased export subsidies in next budget from EGP 2.6bn to EGP 4bn
Economic committee discusses with government offering shares of state-owned companies on EGX: committee head
Financial statement of draft budget shows government’s intention to list six to eight companies on EGX with total expected value of EGP 10bn
Sector strategy targets 16.6m tourists by 2020
Makers of tourism vision lay out plan at DNE-led seminar