Egypt: budget deficit reached 107.3 billion pounds from July through Oct.

Egypt’s budget deficit for the period between July and October 2016 reached 107.3 billion Egyptian pounds ($5.6 billion), the finance ministry announced Thursday.

In a report published on its website, the ministry said that the deficit increased compared to the same period last year when it was 96.7billion pounds.

The report also included information on the final general budget account for financial year 2015/16, which showed a deficit of 339.5 billion pounds which is around 12.3 percent of the GDP compared to 279.4 billion pounds for the financial year 2014/15.

The ministry said the final general budget account for financial year 2015/16 is still being reviewed by the House of Representatives to be ratified.

Egypt is targeting a budget deficit of 9.8 percent for the financial year 2016/17 and between 8.5- 9.5 percent of GDP for the financial year 2017/18, the ministry previously said.

Source: Aswat Masriya

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