Egypt's finance minister presents 2012/13 budget to parliament

Momtaz El-Saeed confirms spending plans amid concerns the assembly has little time to debate adjustments to the bill before the new fiscal year begins in July. Egypt's finance minister has submitted the government's draft 2012/13 budget to Parliament, confirming figures and spending plans unveiled by his ministry last month. Speaking before the People's Assembly on Monday, Momtaz El-Saeed confirmed that total state expenditure for 2012/13 will reach LE635.4 billion, up from LE594 billion in the current financial year.  State spending will see a 8.8 per cent raise and give additional funding to food subsidies, pensions and housing. But subsidies for fuel and gas will be allotted LE70 billion of state spending in 2012/13, a significant drop on LE95.5 billion this year. The presentation of the budget is around two months overdue -- Egyptian law stipulates that parliament must have a draft 90 days before the start of the relevant financial year -- leading to concerns it may not be passed before it is due to take effect on 1 July. From/ahramonline