The Supreme Council of the Armed Forces is set to approve the state budget for the fiscal year 2012/2013 within a few days.
The recently dissolved People’s Assembly had not yet approved the budget before theSupreme Constitutional Court’s decision rendering the Parliamentary Elections Law unconstitutional, said an official Cabinet source.
“The government is seeking to reduce the deficit in the new budget to nearly LE135 billion,” said the source. “The government also provided a draft for the budget that includes a reduction in petroleum products subsidies from LE95.5 billion to nearly LE70 billion, an almost LE25.5 billion cut, through the introduction of LPG and gasoline coupons.”
According to Article 56-bis in the supplement to the Constitutional Declaration recently issued by the SCAF, “The SCAF takes on the responsibilities set out in Item 1 of Article 56 of the Constitutional Declaration, related to legislation and budget approval, until the new People’s Assembly is elected and begins executing its powers.”
Edited translation from Al-Masry Al-Youm
