FINANCIAL NEWS

Egypt confirms 2017/18 budget, aiming 9.1pct deficit

30 Mar 2017

(MENAFN) Egypt’s Cabinet confirmed the nation’s budget for this year and 2018, aiming a 9.1 percent deficit for the year, as announced Finance Minister.

Additionally, the government predicts the deficit for this year, ending June 30 to be between 10.5 percent and 10.7 percent, against last year’s 12.2 percent.

Moreover, the 2017/18 budget aims 4.6 percent growth for the year and profits are projected to hit USD45.17bn.

Meanwhile, the country successfully sold an USD4bn in Eurobonds in Jan, raising twice as much as it initially aimed and at lower yields than predicted.

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