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FINANCIAL NEWS
Egypt forecasts 5.5 percent economic progress in 2016
02 Dec 2015
(MENAFN) Egypt has planned its economic goals for fiscal year 2016-17, setting the budget deficit target at 9.5 percent of the GDP, with projected economic development of 5.5 percent, according to the latest reports.
The key to achieving the government targets is managing the reduction in subsidies, thus the nation can’t lower wages or the interest on loans, and so it can only reduce government investments and cut subsidies further.
Additionally, the finance ministry stressed on the fact that one of the main pillars of the FY 2016-17 budget is to increase foreign-currency income through clear economic policies in order to protect the Egyptian economy.
“The final account of the FY 2014-15 budget is showed an overall revenue USD59.2 billion, with an increase of about USD1.06 billion, compared to last FY, while expenses reached about USD93.3 billion,” said the Finance Minister.
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