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FINANCIAL NEWS
Egypt drafts 2015-16 budget, forecasts 9.9 percent deficit
20 Jun 2015
(MENAFN) Egypt’s cabinet approved a draft 2015/2016 budget that projects a deficit of 9.9 percent of gross domestic product, narrowing from an expected gap of 10.8 percent in this fiscal year, Gulf News reported.
The draft budget projects a total of USD56.34 billion in expenditure on social programmes, or about 49 per cent of total public expenditure and a 12 per cent increase on the current fiscal year.
Growth was projected at about 5 per cent versus a projected 4.2 percent in the fiscal year ending on June 30. Projected public revenues stand at about USD80.26 billion, a 26 percent increase.
“The economic situation is witnessing gradual improvement and this is reflected in the increase in growth … and the ratings by international agencies,” Finance Minister said.
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