March 29, 2017 / 5:29 PM / 5 months ago

FACTBOX-Highlights of Egypt's proposed 2017-18 budget

CAIRO, March 29 (Reuters) - Egypt's cabinet approved the 2017/18 budget on Wednesday, its first since accepting a three-year $12 billion IMF loan contingent on ambitious economic reforms and cuts to subsidy spending.

The 2017-18 fiscal year begins in July.

Below are key targets of the proposed budget, which must now be approved by parliament:

* GDP growth of 4.6 percent versus 3.8-4 percent expected for 2016-17.

* Budget deficit of 9.1 percent versus 10.5-10.7 percent expected for 2016-17.

* Overall revenues of 818.621 billion Egyptian pounds ($44.98 billion)versus 644.292 billion expected for 2016-17.

* Total tax revenues of 603.917 billion Egyptian pounds versus 460.498 billion for 2016-17.

* Total revenue collected on value-added tax of 291.055 billion pounds, according to document seen by Reuters, versus 206.938 billion expected for 2016-17.

* Spending of 1.188 trillion Egyptian pounds versus 994.906 billion expected for 2016-17.

* Dollar exchange rate of 16 pounds per dollar

* Oil price of $55 per barrel versus $50 per barrel in 2016-17 budget.

* Total grants and social spending of 331.527 billion pounds versus 278.464 billion expected for 2016-17.

* Spending for petroleum subsidies of 110.148 billion pounds, according to document seen by Reuters, versus 101.272 billion for 2016-17.

* Electricity subsidies of 30 billion pounds, according to document seen by Reuters, versus 35.071 billion expected for 2016-17.

* Food subsidy spending of 62.585 billion versus 49.544 billion expected for 2016-17.

* Interest on debt of 380.986 billion versus 303.881 billion expected for 2016-17. ($1 = 18.2000 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Andrew Roche)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below