The People’s Assembly has received a draft state budget statement and the development social and economic plan for the new fiscal year 2007/2008 for approval in July.‏

The new budget amounts to 335 bi...

The People’s Assembly has received a draft state budget statement and the development social and economic plan for the new fiscal year 2007/2008 for approval in July.‏ The new budget amounts to 335 billion pounds compared to 274 billion pounds for the current fiscal year; an increase of 30 billion pounds.‏ The new budget takes into consideration the social perspective and the consequences of rising wages and retirement payments; in addition to an increae in subsidies to face shortages in basic goods and improving medical services, education and utilities.‏ Minister of Finance Dr. Youssef Boutros Ghali will promote the draft budget statement whose aim is to improve living conditions, upgrade wages and expedite service and utilities projects.‏ The constitutional amendments dictate that the budget statement must be reviewed by the People’s Assembly within three months from the start of the fiscal year.  The draft becomes workable with the approval of the People’s Assembly which is entitled to amend expenditures in the draft in which case the Assembly will need to earmark the income resources to retrieve the balance between revenue and expenditure.   (source :Al-ahram)