Last Update 15:21
Tuesday, 15 October 2019

Egypt's budget deficit down 6% first half of FY2013/14

Slimming of deficit attributed to LE30 billion economic stimulus package passed last October by interim President Adly Mansour

Ahram Online, Monday 3 Feb 2014
Ministry of Finance
The Ministry of Finance, Cairo (Photo: Ahram file)
Share/Bookmark
Views: 1781
Share/Bookmark
Views: 1781

Egypt’s budget deficit shrank by 6.3 percent in the first half of the 2013/14 fiscal year, as compared to the same period of the previous fiscal year, according to the finance ministry's latest bulletin.

The deficit reached LE89.4 billion ($12.9) between July and December 2013, down from the LE91.4 billion ($13.3) recorded in the first half of the previous fiscal year.

This brings the budget deficit down to just 4.4 percent of Gross National Product, compared to the 5.2 percent in the corresponding period of the previous year.

Finance ministry spokesman Mosbah Qotb told Ahram Online that the decrease is attributed to a decree issued last October by interim President Adly Mansour which added an extra LE60.7 billion to the budget in order to finance a LE30 billion economic stimulus package.

The LE60.7 billion is the equivalent of the $8.78 billion that was deposited in Egypt's Central Bank (CBE) by Arab countries under the rule of ousted president Hosni Mubarak.

Qotb added that recent Gulf aid in the form of bank deposits and petroleum products have also contributed to the budget deficit's drop.

The total budget deficit for the fiscal year 2013/14 is expected to reach some LE186 billion ($27 billion), the equivalent of 9 percent of the GDP, compared to 14 percent -- LE240 billion ($34.8 billion) -- in the fiscal year 2012/13.

Total revenues for the aforementioned period recorded LE175.4 billion ($25.5), a rise of 14.6 percent compared to the first six months of the previous fiscal year.

Tax revenues reached LE104 billion ($15.1), less than the LE111 billion ($16.1) collected between July and December 2012.

Expenditures reached LE262 billion ($37.7) in the first six months of FY2013/14, up from LE243.5 billion ($35.3) in the same period of the previous fiscal year. 

 

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.