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

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Oil prices A new sharp decline today, slipped American raw Briefly about $ 20 a barrel, while recording Brent Crude The lowest level in 18 years.

And he said The Egyptian Minister of Finance Mohamed Moit in a television interview "I must fortify the budget (..) as the price of a barrel of oil increases (How do we finance it?) .. The world is going through exceptional circumstances"According to what I quoted "Reuters".

He added "If the price per barrel rises to more than 80 (dollars), what would you do?", Expecting an increase in oil demand after expiration Corona crisis.

The ministry said that Dollar exchange rate Used in the draft budget, is equivalent to the average exchange rate prevailing in the market during the period from the first of January to the end of March 2020.

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

He agreed Egyptian Cabinet On the draft general 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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Recorded Oil prices A new sharp decline today, slipped American raw Briefly about $ 20 a barrel, while recording Brent Crude The lowest level in 18 years.

And he said The Egyptian Minister of Finance Muhammad Muait in a television interview, “I must fortify the budget (…) as the price of a barrel of oil increases (How do we finance it?) … The world is going through exceptional circumstances,” according to what Reuters reported.

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

The ministry said that Dollar exchange rate Used in the budget project, 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.

He agreed Egyptian Cabinet On the draft general 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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