Budget deficit narrows to $10.6bn in H1 of FY2018/19

Egypt’s budget deficit declined to 186.6 billion Egyptian pounds ($10.6 billion) during the first half of   financial year 2018/2019 from 187.2 billion pounds during the same period of financial year 2017/2016, Finance Ministry said on Monday.

The deficit accounts for 3.6 percent of the total GDP, said the report.

The revenues upped 28 percent to 388.2 billion pounds from 302.4 billion pounds during the same period of the previous financial year, the report read.

The report also pointed to an 18 percent upturn in expenditures to 574.2 billion pounds in six months, compared with 487.7 billion pounds in the same period of 2017/18.

The report attributed the increase to a rise in public servants’ wages and compensation by 15 percent to 131 billion pounds, spending on goods and services purchase to 28.4 billion pounds and interest expense to 207.4 billion pounds.

Source: MENA