New Egyptian draft budget worth $28 billion

The Egyptian government is to discuss in its meetings next week the draft general budget for the 1999-2000 fiscal year drawn up by the Ministry of Planning two days ago. The draft budget is valued at $28 billion, an increase of $4 billion over the 1998 budget.

Informed sources said today that the government is committed to not imposing new financial burdens on citizens and that it examines reducing tax rates, especially those that have a bad influence on people with limited incomes, and increasing credit for education, health and basic services.

The sources added that the rate of those who did not present tax reports amount to 75% ofdespite current laws that discourage tax evasion.

Moreover, the sources expected the volume of investments could increase to 72 billion pounds to continue the national projects in Toshka, Port Said, the Suez Gulf and Upper Egypt.