Draft bill to up expenditures on water projects |
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The government will submit to Parliament, at its upcoming session, a draft bill to increase expenditures by LE 10 billion to spend on water and wastewater projects, reported Al-Ahram newspaper, quoting Gamal Mubarak, head of the National Democratic Party's policies committee .
In its daily market report, Beltone FinancialBeltone Financial
said the committee met Monday to discuss papers that will be presented at the NDP's annual meeting, which will commence on October 30.
In a conference call with Beltone FinancialBeltone Financial in Sept., Egypt's finance minister said the government has already included LE 8 billion as a second fiscal stimulus package in the fiscal year 2009/2010 budget approved by Parliament, leading to a budget deficit of 8.4 percent of GDP.
Should the government need more spending, he added, it would decide so possibly half way through the fiscal year, when indicators on the first half of the fiscal year are available.
"We had expected the government could decide to increase its infrastructure spending during the current fiscal year and, therefore, expect a budget deficit of 9.1 percent of GDP in fiscal year 2009/2010," Beltone said in a note.
© Daily News Egypt 2009
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