Sisi approves new budget
President Abdel Fattah al-Sisi approved on Sunday evening the new budget for the coming fiscal year 2014/2015, submitted by Prime Minister Ibrahim Mehleb.
A government source stated that the president approved the budget after the government implemented several amendments and brought down the deficit to LE240 billion, instead of the billions in the first budget.
According to privately owned Al-Masry Al-Youm newspaper, the new budget will be effective starting from the beginning of July.
The amendments include certain reforms on subsidies, a reduction in government spending, and the restructuring of income, in addition to other measures that will be announced in the coming days.
Sisi refused the first budget presented to him last week because of the size of the deficit.
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