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The Egyptian Ministry of Finance announced that it was refusing the information released Thursday morning in "Reuters News Agency", the exchange rate estimates used in the new audience's budget over the past year. year 2019/2020.
Egyptian financial information according to which this information is incorrect and the lack of objective information, accuracy and credibility.
According to the Reuters news agency, the Egyptian government has set the exchange rate for the US dollar, in oil price, in the draft budget for the new financial year 2019/2020.
The fiscal year is expected to begin July 1, 2019 at 18 pounds and the price of a barrel of oil set at $ 68.
The Egyptian government explained that it had reduced support for petroleum products in the new draft budget to 52.8 billion Egyptian pounds, or 3.06 billion dollars, against 89 billion for the budget of the Exercise in progress.
The Ministry of Finance announced in a statement that the draft new general budget prepared by the ministry was using the average official exchange rate announced by the Central Bank of Egypt for the period from March 1 to March 15, based on the Budget Estimates for the next fiscal year.
It should be mentioned here that the new budget for 2019/2020 was presented to the Egyptian Cabinet at the Wednesday session, that it was approved and that work is underway to carry out all the necessary legal procedures in the preparation of the draft budget. Egyptian agreement at the end of March, in accordance with the provisions of the Constitution.
The government approved the draft budget for the new fiscal year and announced its goal of reducing the public debt ratio to 89 percent of GDP, generating an initial surplus of 2 percent of GDP and reducing the deficit. Overall at a ratio of 7.2%.
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