NO. 32


Financial and Banking News

Budgets & Revenues

Egyptian Government Issues Cautious Draft Budget

Egypt's draft budget for the financial year 1992/93 (which begins on 1 July1992) projects a 15% increase in expenditure, less than the current rate ofinflation, which is estimated at around 20% The deficit will be almostunchanged at E9,144mn ($2,750mn). Expenditure on salaries will be increased,partly due to a government commitment to increase wages by 20%, as willmilitary...