Cairo – Mubasher: Egypt’s budget deficit narrowed through the first half of the fiscal year 2016 – 2017 as it recorded 5.1% compared with 6.2% at the same period of the previous year, said Minister of Finance Amr El-Garhy.
The country’s budget deficit is expected to stand at 10.1% or 10.2% by the end of FY16/17, added El-Garhy.
The revenues have increased to EGP 220 billion at the first half of FY16 – 17 from EGP 190 million at the comparable period of the preceding year.
Moreover, the country’s total expenditures hiked 10% to EGP 389 billion at the first half of the current fiscal year compared with EGP 355 billion at the same period of the preceding year.
Last May, the ministry of finance said it forecasts the country’s budget deficit to reach 9.8% from the gross domestic product.
