Egypt’s budget deficit drops to $2.4 bln in July – ministry

Egypt’s budget deficit fell to 39.172 billion Egyptian pounds ($2.4 billion) in July from 51.514 billion pounds during the same month in 2018, the Finance Ministry said on Tuesday.

The budget deficit declined by 0.6 percent of GDP, the ministry said in a report.

Revenues increased by 18.6 percent to 46.3 billion pounds, up from 39 billion pounds in July 2018.

The ministry attributed the increase to a rise in tax revenues by 9.7 percent to 38.6 billion pounds, while non-tax revenues went up by 3.9 billion pounds to reach 7.7 billion pounds.

Total expenses decreased by 5.7 percent to 85.2 billion pounds, compared with 90.4 billion pounds in July 2018.

Source: MENA