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FINANCIAL NEWS
Egypt’s revised budget forecasts 8.9 percent deficit
07 Jul 2015
(MENAFN) After revising the budget draft for the financial year of the 2015/16, the Egyptian government decided to cut the expected deficit to 8.9 percent of GDP, according to official statements, Reuters reported.
The decision came after the president’s rejection of the former draft and so the deficit was reduced to around USD32.19 billion against the USD30.7 billion for the previous financial year.
“The deficit has been consolidating slower than planned by the government, increasing the need for financing,” an official said in a statement.
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