Egypt Budget Projects 12.5% Higher Deficit in 2012/13

Egypt’s overall budget deficit will rise 12.5 percent to 135.0 billion Egyptian pounds ($22.26 billion) in the fiscal year that began on July 1, according to a draft budget posted on the Finance Ministry’s website on Sunday.

The deficit represents 7.9 percent of projected gross domestic product (GDP), down from 8.2 percent a year earlier, the ministry said.

Total expenditure will climb to 533.8 billion pounds from 476.3 billion in 2011/12, the ministry added.