Minister of Finance Fayad Abdel-Moneim (Photo: Ahram)
Egypt’s total budget deficit reached LE205 billion (roughly $29.2 billion) – representing 11.8 percent of GDP – in the first 11 months of the 2012/13 fiscal year, the finance ministry reported Thursday.
The deficit rose by roughly 50 percent on the same period the previous fiscal year, when it stood at LE136.5 billion (roughly $19.5 billion), the ministry added.
Last week, Investment Minister Yehia Hamed said the state budget would face a total deficit of around LE220 billion (roughly $31.4 billion) for the current fiscal year ending 30 June.
Meanwhile, state revenue rose by 4.5 percent for the July-May period of 2012/13 compared to the same period the previous fiscal year, reaching LE271.3 billion (roughly $38.7 billion).
The finance ministry attributed the rise to a 14.1-percent increase in tax returns in the first 11 months of 2012/13 worth a total of LE91.7 billion (roughly $13 billion).