As for the FY2017-18 budget, Egypt’s total subsidy expenditures are estimated to come in at EGP 385 bn, up from EGP 285 bn in the current fiscal year, El Garhy told Al Ahram in an interview published on Tuesday. Social welfare programs, including Takaful and Karama, will cost the state around EGP 200 bn next fiscal year, he added. As we noted on Monday, El Garhy had said that GDP growth should be somewhere between 3.8 and 4%, with output reaching EGP 4.1 tn, up from EGP 3.4 tn in FY16-17. As for the budget deficit, projections see it ranging from 9.25% to 9.5% of GDP in FY2017-18. El Garhy told the newspaper that the total public debt for FY16-17 came in at EGP 3.4 tn, or 103% of GDP, on the back of rising interest rates which cost the state this year EGP 305 bn, and is expected to reach EGP 380 bn in FY17-18. El Garhy confirmed that the budget will be ready on 31 March, while Deputy Finance Minister Ahmed Kouchouk told Al Masry Al Youm that the date will be when the ministry sends over a draft to the House of Representatives.

And speaking of subsidies, the Military Production Ministry expects to complete its review of the food subsidy rolls by early April, a ministry official tells Al Shorouk. It’s a date, Kramer.