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14-10-18
Egypt's budget to faces challenges over oil price raises
(MENAFN) Egyptian President Abdel-Fattah al-Sisi warned of further challenges expected to be imposed on the state budget for the fiscal year 2018/2019 due to recent oil price hikes.
It comes after Egypt announced a tough economic reform plan, which was first launched late 2016, aiming to tackle a budget deficit and economic collapse.
The president stated: "the oil price per barrel rose to range between 80 and 85 U.S. dollars after we used to buy it at about 40 dollars seven or eight months ago."
During a military seminar, al-Sisi added that the new oil prices are to slap a negative impact on Egypt's budget, which is looking to supply fuel for domestic consumption and running power stations.
Economic and financial legislation expert Walid Gaballah said "the state budget was prepared according to prices ranging between 65 and 67 dollars per barrel, so when the price exceeds 80 dollars, it imposes vast burdens on the budget."
The expert added "it will increase the country's spending and require new finance resources to maintain or reduce the budget deficit that stood at 9.8 percent of GDP in the 2017/2018 FY."
MENAFN1410201800450000ID1097565433
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