Egypt's budget deficit reached LE252 billion ($35.2 billion) in the fiscal year that ended in June, representing 12.5 to 12.6 percent of its Gross Domestic Product (GDP), finance minister Hany Kadry Dimian announced at a press conference on Wednesday.

The government had aimed to limit the deficit to 9 percent of GDP, but failed to take the necessary measures, said Demian.

Egypt is targeting a budget deficit of 11 percent of GDP this year, according to officials' most recent statements.

Following the election of President Abdel-Fattah El-Sisi in June, Egypt's government raised the prices of state-subsidized fuels and electricity, in addition to introducing a spate of new taxes.




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