So the twitter timeline yesterday and my budget awareness session the day before were filled with one question.
Where do the Suez Canal revenues go?
They don’t appear anywhere on the budget. So I took the question to the Ministry of Finance. Their responses are as follows:
Suez canal revenues are balance of payments revenues, they are not recorded in the budget as they are national revenues rather than government revenues. Taxes on these revenues on the other hand do enter the budget and appear in it. Natural gas exports (and all exports for that matter) will also be recorded in the balance of payments and not the budget. Finally, all public sector enterprises and their budgets are by definition off-budget & will not appear in the 2011/2012 budget.
Ok boys and girls, hope this answers the collective curiosity, albeit I bet all of you are still wondering what the Suez canal revenues get spent on and who’s pocket they end up in.