Egypt's mounting financial distress pushed former President Mohamed Morsi to approve a 24.2 percent increase in borrowing to finance the budget deficit days before he was deposed, a law published in the official gazette on Sunday showed.

The new numbers reflected the rapid worsening of Egypt's financial position until Gulf states poured billions of dollars into Egypt after the military, in response to huge public demonstrations, toppled Morsi and his government on July 3.

Preliminary finance ministry figures published in June show the deficit widened to an average $3.2 billion a month, or almost half of all state spending, in the first five months of calendar 2013.

The law, issued by Morsi on June 29, one day before the end of the 2012/13 fiscal year, increased total borrowing by LE32.65 billion ($4.66 billion) for that year through the sale of securities and other local and foreign borrowing.

The law increased total government spending on energy subsidies by LE20 billion ($2.8 billion) and boosted interest payments on government debt by LE12.65 billion ($1.8 billion).

A draft budget published in July 2012 had set a defict 2012/13 of LE135 billion ($19.2 billion) on LE533.8 billion ($76.2 billion) of spending.

By end-May the government had spent LE474.3 billion ($67.7 billion) and the deficit had mushroomed to LE204.9 billion ($29 billion), according to finance ministry figures. June figures have yet to be released.

Foreign buyers largely fled Egyptian securities after the uprising that toppled Hosni Mubarak in early 2011, forcing the government to rely on local banks for finance. Interest rates were pushed into double digits.