Budget Deficit Exceeds EGP225 bln In 2012/13 FY: Safwan Sabet

By Administrator On Dec 19, 2012

Safwan Sabet, Board Member of Egypt’s Federation of Egyptian Industries (FEI), said the State’s budget deficit will exceed EGP 225 billion during the current fiscal year2012-2013; according to studies prepared in the FEI.

Sabet has affirmed that the government’s statement of reducing the deficit aims at calming the public opinion; expecting that the measures of the current government may fail to fill the deficit, whether by self-financing or increasing taxes, in a way that reflect on the rates of the interior or exterior debt in the coming period.

The Board Member mentioned that the makers realize the seriousness of the State’s financial position, so they have to find further ways to support the government, so as to resolve this escalating crisis.