Egypt’s budget deficit rises by EGP 42 billion in fiscal year’s first five months

Egypt’s budget deficit jumped by 42 billion Egyptian pounds during the first five months of the 2014/2015 fiscal year, compared to the same period of time in the past year, the ministry of finance said on Saturday.

The ministry said in its monthly report that the state’s budget deficit rose to 107.9 billion pounds from July to November 2014, making up 4.6 percent of Gross Domestic Product (GDP).

The budget deficit stood at 65.9 billion pounds during the first five months of the 2013/2014 fiscal year, making up 3.3 percent of GDP, the ministry said.

Egyptian President Abdel Fattah al-Sisi approved last June the state budget for the current fiscal year, after revising it to decrease the budget deficit.

The government had drafted a budget which expected the deficit to stand at 292 billion pounds, making up 12 percent of GDP. It was amended to an expected 240 billion pound deficit, or 10 percent of GDP.

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