Worsening Budget Deficit Threatens Egypt’s Economy – Ex-Minister

Dr. Sultan Abu Ali the previous Minister of Economy and Foreign Trade asserted increasing the state’s budget deficit by 14% from the total domestic value by the end of the current fiscal year will threaten the Egyptian economy.

Abu Ali added in a symposium entitled ‘The Egyptian economy – Challenges and Solutions’ will be held on Saturday 18th January in cooperation with the Egyptian Council for Economic Affairs that the decisions of raising salaries and improving the citizens’ conditions must not come at the expense of high budget deficit of the state, pointing out that the government must take urgent action to achieve social justice and the eradication of poverty if they want to achieve real development.

He pointed out that inflationary pressures which has recently faced by the country are the most common problems where inflation reached 12%, and it has to work to reduce this rate.

He asserted that Egypt seeks to boost its resources through increasing production and improving the investment atmosphere instead of depending on foreign aids.