Egypt's Sisi approves revised budget with deficit at 10 percent of GDP - statement

Egypt's President Abdel Fattah al-Sisi approved a revised budget for the 2014/15 fiscal year with a deficit of 10 percent of gross domestic product (GDP), the Finance Ministry said in a statement on Sunday.

 

Spending is set to reach 789 billion Egyptian pounds (64.79 billion pounds) and revenues at 549 billion Egyptian pounds which would put the budget deficit for the new fiscal year starting on July 1 at 10 percent.

 

This compares with an expected 12 percent for the 2013/14 fiscal year, the ministry said.