Gov’t could have more to spend from: The House Budget Committee approved a government-drafted bill that unlocks some EGP 320 bn, which would help the government increase spending on social support programs, reduce the impact of higher interest rates, support the float of the EGP, and manage rising wheat and oil prices, Finance Minister Mohamed Maait told the House.

Where will it come from? The additional funds will come from proceeds from the USD 35 bn Ras El Hekma agreement, Maait said. “The government will not need to borrow the amount of the new allocation,” he told the House.

Remember: This government has been running on a tight budget after the Madbouly cabinet approved a decision slashing allocations for investment.

The fiscal year ends on 30 June, after that the next fiscal year kicks off with a new budget.

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