Sisi orders more comprehensive development expenditure in new budget

President Abdel Fattah El Sisi said on Saturday there should be more expenditure in comprehensive development sectors in the new budget.

The president was speaking during a meeting with Prime Minister Sherif and Finance Minister Amr El Garhy

He said that a plan of implementing the program of offerings of state-owned companies on the stocks exchange should go ahead, adding that this key program will attract more investments and funds for companies and the budget.

In his remarks which were carried by presidential spokesman Bassam Rady in a statement, Sisi asserted the necessity of continuing the economic reform.

The government should abide by the targets of the the state budget, especially as regards the deficit and the GDP, said the president.

The meeting reviewed the results of the fiscal year 2017-2018 including a plunge of the total budget deficit to about 9.5-9.7 percent in addition to achieving a surplus for the first time in more than 10 years, said Rady.

The finance minister told the meeting that these financial results have been accompanied by more public expenditure and governmental investments this year, said the spokesman.

The meeting also touched on the preliminary features of the draft general budget for the next fiscal year 2018-2019. (MENA)