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FINANCIAL NEWS
Egypt plans to cut budget gap to 5.5%
05 May 2013
(MENAFN) Egypt’s finance minister, Al Mursi Al Sayed Hegazy, stated that the government plans to lower the country’s budget deficit from 10.7 percent in the 2012/13 fiscal year to 5.5 percent in the 2016/17 fiscal year, reported Reuters.
Reducing the deficit is important for the country to secure a loan from the International Monetary Fund (IMF), valued at USD4.8 billion.
During the fiscal year starting July, the budget gap will reach USD28.7 billion, which represents 9.5 percent of gross domestic product (GDP).
Hegazy added that Egypt might not need the entire loan, noting that the first tranche will be enough to prove to the world that the country has a dynamic economy.
It is worth noting that the Egyptian government plans to restrain spending on fuel subsidies and bring in tax changes that would target the wealthy in order to lower the budget deficit.
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