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FINANCIAL NEWS
Egypt’s fiscal position remains unsteady
12 Jul 2016
(MENAFN) Egypt’s external payments position remains unstable, due to external vulnerability and remaining structural weakness.
Moreover, the recent deficit reached USD14.5bn, up from USD8.3bn of last year, 6.7 percent and 5.3 percent of GDP respectively.
However, oil exports declined to USD1.1bn as of March 2016 from USD3.6bn in Dec 2013, while oil imports fell to USD1.6bn from USD3.1bn during the same period.
In addition, payments from abroad also dropped, as the total level of cash transfers from abroad stood at USD61mn during the first three quarters of 2016
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