Back to the complete issue
Sunday, 5 July 2020

House Planning Committee approves EGP 80 bn overdraft for Egypt’s FY2019-2020 budget

BUDGET WATCH- The House Planning and Budgeting Committee on Wednesday signed off on a EGP 80 bn overdraft for the FY2019-2020 state budget, Al Masry Al Youm reported. The overdraft was required to pay off the Electricity Ministry’s EGP 102 bn debt to the Oil Ministry and another EGP 50 bn first instalment on a EGP 160.5 bn debt to the state pension fund, Finance Minister Mohamed Maait said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.