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English news

20-May-2018

Government to study effects of global oil prices on budget

Minister of Finance Amr El Garhy said Friday that the government is studying the effect of the rise of global oil prices on the new FY18-19 budget, as oil is one of the external influences on the budget. El Garhy said in a press conference that the government will see whether it can increase its revenues from other sources. El Garhy clarified that the price of oil increased because of regional factors, including the United States’ withdrawal from the Iranian nuclear agreement. Oil prices reached USD80/bbl on Thursday for the first time since Nov 2014. 

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