Egypt’s House planning committee begins discussing FY 19-20 draft budget
BUDGET WATCH- Parliament begins committee-level review of draft FY2019-2020 state budget: The House of Representatives’ Planning and Budgeting Committee has begun discussing the draft FY2019-20 budget, according to local press reports. Finance Minister Mohamed Maait and Planning Minister Hala El Said are expected to attend a committee meeting to address questions, including the number of ministries subject to program and performance budgeting and income generated through economic authorities and public enterprises. Committee-level approval is required for the draft to make it to the general assembly for a final vote, ahead of being ratified by President Abdel Fattah El Sisi.
Background: The Finance Ministry sent the draft to the House last month, along with a report (pdf) addressing the House speaker. It forecasts revenues hitting 1.13 tn and total expenditure to come in at 1.57 tn — leading to a y-o-y improvement in the budget deficit to 7.2% of GDP from 8.4% in the current fiscal year.