Finance Minister Expects Public Deficit To Reach 12% In The Current Fiscal Year

Hany Kadry, Minister of finance, said that he expects the public deficit in the budget during the current fiscal year 2013/2014 to reach 11-12% from the GDP.

He added that in case the various grants and non-recurring income and expenditure of the public budget were excluded the deficit would increase to 13-14%.

Kadry revealed that he would follow a strict budgetary policy and not a policy of austerity.

Source: arabfinance