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Egypt’s budget deficit to stand at USD28.75b in FY 2012/13

12 May 2013

(MENAFN) Egypt’s Investment Minister, Yahya Hamed, stated that in the 2012/13 fiscal year, his country’s budget gap would reach nearly USD28.75 billion, reported Gulf News.

Hamad added that the amount is equal to 11.5 percent of gross domestic product (GDP) and the government is planning to lower it to 9.5 percent during the coming financial year.

Meanwhile, Egyptian Planning Minister, Amr Darrag, said that he’s positive that his country will reach an agreement with the International Monetary Fund (IMF) on the USD4.8-billion loan program.

Darrag noted that evern though the IMF’s next visit to Cairo hasn’t been decided yet, however, he was confident that a deal will be reached as there is a lot of agreement between the two sides.

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