(MENAFN- Daily News Egypt)
Egypt’s economic ambitions aim to achieve a growth rate of 5-6.2% in fiscal year (FY) 2019/2020, and collide with the difficult reality of deteriorating security conditions and challenges of doing business in the country.
The government hopes to reduce the budget deficit to 9.8% and control public debt by raising revenue and reducing expenses.
Moreover, it expects to spend EGP 936bn on public expenses, an increase of 21.8% from the planned expenditure this year. Revenue from applying value-added tax (VAT) and a real estate tax are anticipated to register EGP 631bn.
The new budget targets to reduce the unemployment rate to 11.1% instead of the current rate of 12.3% through the implementation of a large package of investments exceeding EGP 500bn.