(AFP PHOTO / HO / EGYPTIAN PRESIDENCY)
Speaking at the graduation ceremony of the military academy, Al-Sisi added: "The debt will be pushed from
"I met with the Prime Minister, the Minister of Finance and the Minister of Planning, along with some other Egyptian ministers to discuss the 2014/2015 draft for state budget," Al-Sisi said, adding the "some adjustments and revisions need to be made".
Al-Sisi said that should the deficit keep increasing, "no heritage will be left for the coming generations".
He stated that
"We are embarrassing ourselves and embarrassing the people," Al-Sisi said, adding that the challenges and problems need to be faced with sacrifices made by every Egyptian.
Following Al-Sisi's speech, the government will hold a session Wednesday to hear proposals from ministers on budget development, said
With all articles still "under review", the majority of the discussions will revolve around the state budget and how to fix it. The draft for the 2014/2015 state budget was referred to the presidency on 26 May, the first day of elections. Significant changes in public spending, health, education, electricity and petroleum product subsidies and expectations for investment have been made to the new draft.
According to the draft budget, the public spending increased by
Petroleum subsidies have been cut to
Target revenues are
Governor of the Central Bank Hisham Ramez announced Monday the opening of a new bank account under the number 037037, a reference to the date on which President
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