Business Egypt announces the price of oil in the budget...

Egypt announces the price of oil in the budget .. and explains the reason for the “three times”

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Oil prices recorded a new sharp decline today, and US crude fell briefly from $ 20 a barrel, while Brent crude recorded the lowest level in 18 years.

“I must fortify the budget (…) because the price of a barrel of oil has increased (How do we finance it?) … the world is going through exceptional circumstances,” Egyptian Finance Minister Mohamed Moait said in a television interview.

He added, “If the price of a barrel rises to more than 80 (dollars), you will work,” expecting an increase in demand for oil after the end of the Corona crisis..

The ministry said that the dollar exchange rate used in the draft budget is equivalent to the average exchange rate prevailing in the market during the period from January 1 to the end of March 2020.

The exchange rate used in the current budget is EGP 17.46 per dollar.

The Egyptian Cabinet approved the draft budget bill for the fiscal year 2020-2021 at a meeting last Thursday.

Maait said after the meeting that the budget aims to reduce the overall deficit to 6.3 percent of GDP, and to increase the initial budget surplus to 2 percent.

By the end of June 2021, this would result in a public debt of 82.7 percent of GDP .

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Oil prices recorded a new sharp decline today, and US crude fell briefly from $ 20 a barrel, while Brent crude recorded the lowest level in 18 years.

“I must fortify the budget (…) because the price of a barrel of oil has increased (How do we finance it?) … the world is going through exceptional circumstances,” Egyptian Finance Minister Mohamed Moait said in a television interview.

He added, “If the price of a barrel rises to more than 80 (dollars), you will work,” expecting an increase in demand for oil after the end of the Corona crisis..

The ministry said that the dollar exchange rate used in the draft budget is equivalent to the average exchange rate prevailing in the market during the period from January 1 to the end of March 2020.

The exchange rate used in the current budget is EGP 17.46 per dollar.

The Egyptian Cabinet approved the draft budget bill for the fiscal year 2020-2021 at a meeting last Thursday.

Maait said after the meeting that the budget aims to reduce the overall deficit to 6.3 percent of GDP, and to increase the initial budget surplus to 2 percent.

By the end of June 2021, this would result in a public debt of 82.7 percent of GDP .

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