Vice Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk, said that allocations for export subsidies in the coming fiscal year (FY) will be kept unchanged at $2.6bn. The Central Bank of Egypt (CBE) floated the pound in November 2016, bringing the value of the national currency down over 50%. The allocations for health in the coming fiscal year will amount to EGP 103bn, while scientific research will be allocated an amount of EGP 31bn. The constitution stipulates the allocation of 10% of the Gross National Product (GNP) to health, education, scientific research, and university education. The parliament will receive the draft within days and discuss it, in order for it to become effective in July.

Source: Daily News Egypt April 02, 2017 13:30 UTC