Egypt’s Budget Deficit Widens To 9% In FY 2013/14: El-Morsi Hegazy

The Egyptian Ministry of Finance El-Morsi Hegazy stated that the country’s budget deficit for FY 2013/2014 reached 9%, compared to the earlier expected 8.5%.

During the press conference held now at the Ministry of Finance, Hegazy affirmed that the draft Islamic Sukuk law will be submitted to the cabinet and then be sent to the Shura Council and Al-Azhar.  He added that yield on Sukuk is expected to reach US$ 10 billion annually.

Regarding the procedures adopted by the Ministry to reduce the budget deficit, Hegazy noted that he prefers the gradual change in public expenditures and rationing subsidies so as not to place huge burdens on people all at once.