Charting guidelines of the new 2002-2003 budget
Egypt, Economics, 4/2/2002

An important Cabinet meeting was held this week under the chairmanship of President Hosni Mubarak for charting the guidelines of the new 2002-2003 budget which will be referred this month to the People's Assembly for final endorsement.

Prime Minister Atef Ebeid asserted that the new budget is designed to rationalize spending, deepen the social dimension and protect the low-income categories.

This, in addition to increasing appropriations for wages and incentives, creating new job opportunities and improving the status of the civil servants.

Easing down tax burdens, mobilizing domestic savings to finance development and reforming the pension system come under the main features of the new budget.

The aggregate value of the new budget hit L.E. 141.4 billion, marking an increase of L.E. 14.6 billion against the previous budget.

This envisages L.E. 72.2 billion for the State's sovereign revenues of tax fees, customs and sales tax.

Within this context, the government will adopt strict measures for combating tax evasion and tightening control over customs outlets.

In addition, a sum of L.E. 25.4 billion is assigned for the State's procurement of the surplus revenues of both the Suez Canal Authority and the Egyptian General Petroleum Corporation besides other profits by banks, companies and a number of economic bodies.

Under the new budget, a sum of L.E. 56 billion is earmarked for providing social needs including those of education, health, sports and youth services along with ensuring 700,000 job opportunities.

Moreover, some L.E. 34.8 billion is allocated for wages and salaries including annual incentives and remunerations.

A sum of L.E. 18.9 billion is appropriated for infrastructure facilities besides other mammoth national projects in Sinai, North of the Suez Gulf and South of the New Valley.

This in addition to some L.E. 3 billion in restructuring the budget of some economic bodies and governmental institutions.

The new 2002/2003 budget also earmarked a sum of L.E.

13.2 billion represented in self-initiated resources by the government used in financing investments and capital transfers.

A sum of L.E. 13.4 billion is assigned for financing the projected investments attained from loans, credit facilities and savings channels.

To experts, striking a balance between spending and resources and increasing the per capita income for ensuring a better living standard for individuals are main targets under the new budget.

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