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FINANCIAL NEWS
Egypt to maintain budget deficit within plan: Govt
04 Jan 2012
(MENAFN) Egyptian Finance Minister, Mumtaz Al-Saeed, stated that despite the rough year of 2011 the country went through, it would still be able to keep its financial deficit at USD22.22 billion as planned previously, reported Arab News.
The minister pointed out to a previous military statement which said that the budget deficit would amount to 11 percent of the country’s GDP. He said that despite the statement, Egypt was able to maintain an 8.6 percent GDP by applying the right monetary and economic policies.
It is worth noting that the political unrest that took over Egypt back in January 2011, leading to the ousting of President Husni Mubarak, had left the country’s economy at risk. The tourism sector in particular took a heavy hit due to the unrest.
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