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Egypt targets 5-5.5% growth, 9- 9.5% budget deficit in 2016/17: Ministry

Ahram Online , Monday 30 Nov 2015
Cairo's headquarters of the Egyptian ministry of finance (Photo Al-Ahram)
Views: 2280
Views: 2280

Egypt is targeting a budget deficit of around 9 to 9.5 percent and a growth rate of around 5 to 5.5 percent for the fiscal year beginning July 2016, the Ministry of Finance announced in a press release on Monday.

The statement also revealed that the government plans to reduce public debt to 88 to 90 percent of GDP and the unemployment rate to 10 percent.

The government also hopes to reduce the deficit by raising more revenues by merging the informal sector with the formal economy and implementing the value-add tax.

A system for allocating finances to ministry-specific programmes will be expanded to seven new ministries including health and education, according to the statement.

Egypt's budget deficit hit 11.5 percent in the fiscal year 2014/15 down from 12.2 percent in the same period the previous year, with growth estimated to reach 4.2 percent in the same period.



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30-11-2015 09:32pm
3 months!
3 months is ALL what Egypt has in funds to buy food for it exploding population. In the meantime they come up with these laughable fiscal targets that don't resemble reality and no one actually believe except the economic gurus at the government. Even the most stoned geezer on Cairo streets would look at these numbers and say "what these people are smoking?".
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