BUDGET IN EGYPT
Aswan Dam In Estimates
(N.Z. Press Association—Copyright) (Rec. 9.20 p.m.) CAIRO. July 4. Egypt plans to spend £73,668,697 sterling on defence in the 1957-58 financial year—about 4 per cent, less than in the previous year. This was disclosed when the new Budget was published after a four-hour Cabinet meeting, presided over by President Nasser. For the first time, the Budget included an allocation for the Aswan High Dam project, amounting to £2,818,750. Work on the £460 million dam is expected to start in 1958, and will be completed in five years. The Finance Minister, Dr. Abdul Monaim el Kaissuny, said the new budget totalled £308,012,500, compared with last year’s total of £287,512,500. No new taxes were imposed. i The new budget showed an increase in revenue over expenditure of about £19,210.000. Revenue amounted to £308,012,500.
A new source of revenue shown in the budget is £6,150,000 to be taken from the net income of the Suez Canal Authority.
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Bibliographic details
Press, Volume XCVI, Issue 28322, 6 July 1957, Page 8
Word Count
161BUDGET IN EGYPT Press, Volume XCVI, Issue 28322, 6 July 1957, Page 8
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