Egypt targets 3.5% budget deficit in 2015

23 May 2010

(MENAFN) Egyptian Finance Minister Youssef Boutros-Ghali said that Cairo is planning to cut its budget deficit to 3.5 percent of gross domestic product (GDP) in 2015 and raise the growth rate by that time to 8.5 percent, AP reported.

The minister has previously said he expected the deficit in the financial year 2010/11 to be 7.9 percent. Growth in fiscal 2009/10, which runs to June 30, is forecast at 5.3 percent, rising to 6 percent in 2010/11.

The economy was growing at more than 7 percent before the world financial crisis but, even during the downturn, Egypt maintained growth close to 5 percent.

Boutros-Ghali said the target was for growth of 7.55 percent in 2013, 8.1 percent in 2014 and 8.5 percent in 2015, the state-owned daily Al-Ahram quoted him as saying.

Boutros-Ghali said he aimed to cut government debt to between 44 percent and 51 percent of gross domestic product in 2015, down from 80.2 percent, the paper said.

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