Egypt Sees Deficit at 14-14.5% of GDP of Next FY Unless Reforms are Made

The Egyptian government sees its budget deficit, if it does not implement reforms, running at 14-14.5 percent of gross domestic product in the fiscal year starting July 1, Finance Minister Hany Qadry Demian said on Sunday.

“The budget deficit, if we do not implement reforms, will be around 340-350 billion Egyptian pounds ($48.60 billion-$50.03 billion), which is around 14 to 14.5 pct of GDP,” Demian said in an interview with CBC, a local TV station.

Source: Reuters