Egypt sees $25.6 bln deficit in FY 2019/20: ministry

Egypt expects a total deficit worth 445.1 billion Egyptian pounds ($25.76 billion) in its 1.575 trillion pound draft 2019/2020 budget, the finance ministry said in a report on Sunday.

The government aims for the deficit to be 7.2 percent of gross domestic product, versus 8.4 percent targeted in the 2018/2019 budget. Expenditures increased 12 percent from an expected 1.403 trillion pounds in the 2018/2019 budget.

The 2019/2020 draft budget targets total revenues of 1.134 trillion Egyptian pounds, according to the report, 17 percent higher than the 969 billion pounds in revenue expected in the 2018/2019 budget.

Source: Reuters