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FINANCIAL NEWS
Egypt needs to slash budget deficit: Finance Minister
08 Sep 2011
(MENAFN) Egypt’s finance minister, Hazem El Beblawi, said that the country would need to reduce its budget deficit which reached 9 percent of gross domestic product (GDP), reported The National.
El Beblawi added that the country needed around USD7 billion as an aid from other Arab countries and the Arab Monetary Fund (AMF).
He also said that currently, Egypt would sell USD20 billion in domestic treasury bills to finance its budget deficit for the current fiscal year, on the other hand, in August, Egypt’s net foreign reserves fell by USD700 million to reach USD25.01 billion from the previous month.
It is worth noting that the AMF is forecasted to lend USD500 million to both Egypt and Tunisia in order to help the countries rebuild their economies after the political unrest that hit them this year.
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