Egypt eyes around 9.5% in budget deficit within FY2017/18: PM

Egypt’s government targets a budget deficit worth around 9.5 percent in its budget within the financial year 2017/2018, which starts on July 1, Prime Minister Sherif Ismail said Sunday.

Ismail expected the deficit for the current fiscal year, which ends on June 30, to range between 10.5 and 10.7 percent compared to 12.2 percent in the previous year.

The government has yet to approve the budget, which has been drafted by the Finance Ministry.

After approval, the budget must then be voted on by parliament before President Abdel Fattah al-Sisi can sign it into law.

Source: Reuters Africa