Egypt Sees 10% Budget Deficit for Coming Fiscal Year – Minister

Egypt’s finance minister said on Tuesday he expects the new budget deficit to stand at 10 % in the coming fiscal year that starts on July 1, down from around 12 % this year.

The Egyptian President Abdel Fattah al-Sisi had earlier said he rejected the government’s proposal for the coming year’s financial budget, asking for a lower deficit and debts, Reuters reported.

Finance Minister Hani Qadry was speaking to Egypt’s CBC TV. His ministry issued a statement later saying it would revise the budget on Wednesday and re-send it to Sisi.