Egypt’s budget deficit slightly lower by 1.9% in Q1 FY 2018-19

Egypt’s budget deficit for the first quarter of the fiscal year 2018-2019 slightly decreased to 1.9 percent from 2 percent last year, Finance Minister Mohamed Maait said.

The results indicate a continued improvement in the financial indicators of the Egyptian economy and the possibility of achieving financial targets of 2018-2019 budget balance.

The government aims to reduce the total annual deficit to 8.4% in 2018-2019 compared with 9.8% in the previous year.

On the other hand, Egypt has been looking to tighten control of its finances as it pushes ahead with ambitious economic reforms tied to a $12 billion three-year International Monetary Fund lending programme it agreed in late 2016.