The total value of the additional appropriations in the general budget final account for fiscal year (FY) 2016/2017 reached EGP 105bn, according to representative of parliament’s planning and budget committee Yasser Omar.
He said that the largest portion of these additional appropriations was allocated for the petroleum sector due to the rising price of oil barrels.
The financial allocation for oil derivative subsidies in FY 2016/2017 recorded EGP 35m, but the rise in oil prices above $45 per barrel led to the opening of additional funds, Omar added.
He said that the price of oil barrels in the 2016/2017 budget initially amounted to $41 per barrel on expectations of lower oil prices, but Brent crude rose to $50, forcing the Ministry of Petroleum to request additional financial allocations.
Omar pointed out that the additional appropriations allocated for oil derivatives accounted for about EGP 61bn of the total additional appropriations.
Egypt’s budget deficit in the past fiscal year amounted to EGP 379.59bn, accounting for 10.9% of GDP, according to the Ministry of Finance.
The budget’s revenues amounted to EGP 659.148bn, while expenditures recorded EGP 1.031tn.
The Ministry of Finance reported that tax revenues came to about EGP 462bn and investments in non-financial assets reached EGP 109bn.
Other expenditures included EGP 225.5bn for wages and compensation of employees, EGP 42.4bn for goods and services, EGP 316.6bn for interest costs, and EGP 276.7bn for subsidies and social grants.