Budget deficit hit 5% in H1 of FY 2016/2017 – FinMin

Egypt’s budget deficit declined to 5% in the first half of the FY 2016/2017, down from 6.2 per cent in the same period the year before, the Finance Minister said on Wednesday.

The government expected the budget deficit to reach 9.8% in the FY2016/2017.

Garhi said that the tax revenues for the first half of the fiscal year are close to the target amount which is about 180 billion pounds, reported state-run MENA.

The minister said the cabinet discussed on Wednesday the economic reform programme.

The International Monetary Fund (IMF) approved in November a three-year $12 million loan to support this programme.

The move came a week after Egypt floated its currency, reducing its value by almost 50% against the dollar.

Source:  Aswat Masriya