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Wednesday, 24 June 2020

FinMin to lay out plans to tighten state purse strings next fiscal year

FinMin to lay out plans to tighten state purse strings next fiscal year: The Finance Ministry is working on proposals to trim state spending in the upcoming fiscal year, which begins on 1 July, the local press reports, citing unnamed government officials. The proposed steps include slashing funding that goes into so-called “special funds,” as well as trimming allocations for expenses like travel and conferences, which will likely be limited due to social distancing measures. The officials also noted that the “corona tax” the Madbouly Cabinet introduced last month — which would, if passed by the House of Representatives, dock 1% from all employees’ salaries and 0.5% from state pensions during FY2020-2021 to help fund efforts to contain the spread of the virus — would also help cushion state coffers.

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