Egypt’s cabinet has approved the country’s draft budget for the 2021-22 financial year which begins on 1 July.

Only bare-boned figures have so far been released. Spending has been set at E£1.3trn ($82.8bn) down around 25% on the 2020-21 forecast budget spending figure of E£1.713trn ($81.8bn) and set to be the lowest spending figure since 2017-18 as Cairo’s finances finally show signs of the impact of Covid-19 (MEES, 5 March). (CONTINUED - 149 WORDS)