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Monday, 11 June 2018

House Budget Committee approves EGP 70 bn overdraft

BUDGET WATCH- The House of Representatives Budget Committee approved the government’s request for a EGP 70 bn overdraft for the FY2017-18 budget, according to Al Masry Al Youm. Cabinet had approved last month the overdraft to cover “necessary expenditures,” the lion’s share of which was likely importing fuel at higher prices than had been anticipated.

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