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FINANCIAL NEWS
USD22b deficit expected in Egypt’s 2012/2013 budget
23 Jul 2012
(MENAFN) Egyptian Ministry of Finance presented a draft budget with an expected 12.5 percent increase in budget deficit to USD22.26 billion, Reuters reported.
The ministry said that the projected deficit represents 7.9 percent of the forecasted gross domestic product (GDP), down from 8.2 percent a year earlier.
The budget also predicts total expenditure to reach USD85.7 billion, up from USD76.5 billion in 2011/12, the ministry added.
Egypt’s 2012/2013 fiscal year began on July 1.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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