Egypt target budget deficit of 4-5% of GDP by 2022: Minister of finance

Ahram Online , Tuesday 17 Oct 2017

Amr El-Garh
Egypt's Minister of Finance Amr El-Garhy speaks during an American Chamber of Commerce in Egypt luncheon in New York, U.S., October 16, 2017 Reuters

Egypt's Minister of Finance Amr El-Garhy said on Tuesday in Washington that the Egyptian government is aiming to reduce the total budget deficit to 4-5 percent of the gross domestic product by 2022, Al-Ahram Arabic news website reported.

In a meeting with Standard Bank investors to discuss the recent economic reforms in Egypt, El-Garhy said that the country seeks to reduce the budget deficit each year by 1-1.5 percent of the GDP.

The budget gap for the last fiscal year, which ended on 30 June, shrank to 10.9 percent of GDP from 12.5 percent the previous year.

El-Garhy said that reducing the deficit and public debt will provide more resources for investments and increasing growth in the public sector.

The minister also revealed that the government is targeting $10 billion in direct investment in Egypt this year.

He also said that the ministry of finance is considering releasing Eurobonds and USD-denominated bonds in 2018 to diversify the finance portfolio in Egypt.

El-Garhy is heading a high-level delegation of officials in Washington to attend a number of meetings organised by the International Monetary fund and the World Bank.

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