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Egypt's budget deficit rises 18pct in Jul-Apr on high debt service

Ahram Online , Tuesday 21 Jun 2016
Finance Ministry
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Views: 1663

Egypt’s total budget deficit rose by 18 percent in the first ten months of the current fiscal year 2015/16 compared to the same period of last year, to register 9.8 percent of the country’s gross domestic product (GDP), the finance ministry's May bulletin showed Tuesday on its website.

From July to April the budget deficit amounted to EGP 273 billion with the country’s debt service (EGP191.1 billion) significantly rose by 36 percent compared to the same period a year before making up more than third of the total expenditures.

The total public expenditures during this period recorded a rise of 8 percent against the first ten months of last fiscal year to amount to EGP 587.6 billion or 21 percent of GDP.

According to the bulletin, the total government debt (domestic and external) reached EGP 2.54 trillion or roughly 92 percent of GDP at end of December 2015.

Egypt's finance minister expects the budget deficit to reach 11 to 11.5 percent of GDP, way above the initial target of 8.9 percent.

The state’s revenue rose to EGP 327.5 billion or 12 percent of GDP in the period of the study, against EGP 321.1 billion a year prior. The ministry attributed the increase to the rising taxes yields that amounted to around EGP 244 billion versus EGP 239 billion in July-April of the fiscal year 2014/15. 

*The official exchange rate for $1 = EGP8.78

 

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Al
22-06-2016 12:53am
18-
3+
How sustainable?
"The budget deficit amounted to EGP 273 billion with the country’s debt service EGP 191 billion, significantly rose by 36 percent" ... With this rate we'll be bankrupt in 2018! what is the plan to stop the bleeding and reverse the decline? knowing that neither Tourism nor International Investors are coming back soon? please don't give us the BS about 'evil forces'; does anyone at the Sisi government have any ideas how to take us off the cliff??
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