Egypt's state budget for 2011-2012 is estimated at LE500.7 billion, with the deficit likely to grow to 9.38 per cent of the country's GDP in the 2011-12 fiscal year from its current rate of around 8.5 per cent, the country's finance minister said on Monday. The rise is down to the burden of boosting a sagging economy.
Samir Radwan told Reuters the draft budget due to be presented to cabinet foresees state income of LE 342.6 billion and spending of LE500.7 billion. This is the first time that the budget has been announced in advance.
Planning and International Cooperation Minister Faiza Abu El-Naga announced a development plan worth LE230 billion on Monday to kick start the economy after a popular revolt ousted Egypt's president.