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Egypt 2012/13 budget deficit seen at around 11.5 pct - minister

Budget deficit, which surpasses previous estimations, equivalent to 11.5% of GDP

Reuters, Ahram Online, Sunday 12 May 2013
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Egypt's budget deficit will be around 200 billion Egyptian pounds ($28.75 billion), equivalent to 11.5 percent of national output, in the 2012/13 year to the end of June, newly-appointed Investment Minister Yehya Hamed said on Saturday.

"This year we are closing the budget with around 200 billion (Egyptian pounds) deficit, 11.5 percent ... We have to close next year with 9.5 percent," he told a European Bank for Reconstruction and Development conference in Istanbul.

In April, then finance minister El-Morsi El-Sayed Hegazy had said Egypt's budget deficit could reach as much as 12 percent of the country's GDP in the 2012/13 fiscal year, compared to previous forecasts of 10.7 percent. 

Egypt, which received a $3 billion Central Bank deposit from Qatar on thursday, has been striving to secure a $4.8 International Monetary Fund loan, which requires it to take stringent economic reform measures to tackle its soaring budget deficit.

 

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