274 billion Egyptian budget
Egypt, Economics, 5/2/2006

The largest draft budget ever in the history of Egypt for fiscal year 2006/07 has been referred by President Hosni Mubarak and the government to the People's Assembly and the Shura Council.

The draft is estimated to total at EP 274 billion, up 15% over the previous year 2005/06.

The government has also referred to parliament the draft social and economic development plan with investments amounting up to EP 135 billion compared to EP 110 billion in the previous year.

The draft budget assigns EP 38.4 billion to subsidy, including direct subsidy and social increments.

Cabinet spokesman Magdi Radi told al-Ahram newspaper that a sum of one billion pounds has been assigned to expanding social solidarity to cover more than one million families.

He said an additional sum of one billion pounds has been assigned to carrying out President Mubarak's platform of building 85,000 housing units for limited income brackets and youths.

Radi said the government is committed to reducing expenditures and minimizing the budget deficit.

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