According to Arab Net, the draft budget, according to Reuters targeted a reduction in petroleum support to 18.411 billion pounds, compared with 28.193 billion pounds for the previous year. This target reflects a 35% decline in the value of support for petroleum materials.
Egypt intends to issue an international bonds worth 66 billion pounds, compared to 72 billion targeted in 2020-2021, and the budget project is targeted for LE 990.133 billion, compared with 832.293 billion pounds.
Egypt plans for external funding worth 78.375 billion pounds, compared to 165.440 billion pounds expected in 2020-2021.
Egypt aspires to increase taxes 1.9% to 983 billion pounds.
The new budget will provide 8.610 million tons of wheat, of which 5.111 tons by import.
The Government targets the overall deficit to 6.6% of GDP, and funding requirements expect 7.1% to 1.068 trillion pounds ($ 68.1 billion).
The projected deficit is 7.7% in the current year budget 2020-2021, and financing needs 997.7 billion pounds.
The Egyptian Petroleum Ministry said in a statement last Friday. The automatic pricing committee of petroleum products raised fuel prices, for the first time since its establishment in October 2019 following the completion of support reforms,
Prices last time in July 2019 when Egypt was completed, a net oil importer, gradually finish supporting fuel products under the IMF rehabilitation program. Prices remained stable over the last year after being reduced in October 2019 and April 2020.
The ministry added that Egypt raised the price of gasoline 95 octane to 8.75 pounds for LE 8.5, and gasoline 92 to 7.75 pounds from EGP 7.50, the gasoline 80 to 6.50 pounds from 6.25 pounds.
