BUDGET WATCH- President Abdel Fattah El Sisi will reportedly receive the FY2018-19 state budget “within days” after it comes to a vote at the House of Representatives. The bill contains a number of scenarios for how to adjust for a potential surge in global oil prices, sources with knowledge of the matter tell Al Mal. The rise in global oil prices has been a source of concern, as state estimates put the barrel at an average USD 67 in the budget. Oil prices, however, have been on a steady incline, trading at levels not seen since 2014, with Brent crude briedly crossing the USD 80/bbl mark in recent weeks. Some MPs had called on the government to amend its fuel price projections if it hopes to meet its target budget deficit of 8.4% of GDP. But with subsidy cuts still in the offing, the government appears confident it can plug the gap. Analysts see fuel prices rising by c. 60% next fiscal year.

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