55 % of new budget to allocate for social dimensions program

A total of 55 percent of Egypt’s news public budget for Fiscal Year 2014-15 will be allocated to the social dimensions program, including health, education, scientific research, and developmental projects, Minister of Finance Hany Demian said during his meeting with Ambassador of the European Union in Cairo James Moran Friday.

“Egypt moves steadily toward establishing a state of law,” Demian said. “The new budget includes the expected revenues of the capital market tax and the additional five percent tax that was imposed last month on those gaining more than 1 million EGP annually, along with the real estate tax.”

“Egypt’s new public budget for Fiscal Year 2014-15 will be submitted to President Abdel Fatah al-Sisi next week in order to be approved, an informed source told Youm7 Sunday.

“Employee pensions and other social programs, such as minimum wage, will increase under the new budget,” Demian said. Other reforms which were not amended in the new budget are waiting for the Cabinet’s approval.

During the meeting, Moran congratulated the Egyptian government on presidential elections and expressed their willingness to cooperate with the new government as well as to provide Egypt with financial and technical support. In parallel, Egypt should seek to meet the aspirations of the Egyptian people to live in a democratic, stable, and secure society.