July 1, 2020 / 3:48 PM / a month ago

Egyptian parliament approves $5 billion supplemental spending bill

CAIRO, July 1 (Reuters) - The Egyptian parliament on Wednesday approved an 80 billion Egyptian pound ($5 billion) supplementary spending bill for the financial year that ended on Tuesday.

The newly approved funds will be used to help pay 102 billion pounds that the electricity ministry owes the petroleum ministry and to pay a 50 billion pound first instalment on the 160.5 billion pounds owed to the state pension fund, Finance Minister Mohamed Maait told parliament.

The 2019/20 budet had originally allocated spending of 1.57 trillion Egyptian pounds, according to the Finance Ministry website.

The draft 2020/21 budget provides for 1.7 trillion in expenditures, a cabinet statement said on March 30. ($1 = 16.0800 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Patrick Werr; Editing by Kevin Liffey)

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