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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.

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