Last Update 1:36
Saturday, 21 September 2019

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
Share/Bookmark
Views: 788
Share/Bookmark
Views: 788

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.

 

Search Keywords:
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.