Egypt’s Budget Deficit Hit EGP 119.8 Bln At End-Jan

Egypt’s budget deficit surged to EGP 119.8 billion (US$17.8 billion) at the end of last January, compared to EGP 88.2 billion a year earlier, according to the state news agency MENA. The deficit rose by in the first seven months of the fiscal year that started at the beginning of July 2012.

A report released by the Ministry of Finance revealed that the figure equaled 6.7% of annual gross domestic product (GDP).

In a revised economic reform plan, the government said it is targeting a deficit for the current fiscal year that will end by On June 30th EGP 189.7 billion, or about 10.9% of total economic output. Without implementing the reform plan, the deficit would hit 12.3% of GDP, the report forecast.