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Egypt’s budget deficit drops 1.6% in FY 2016/17

“Egypt`s budget deficit dropped to 10.9% of GDP instead of 12.5% during the past fiscal year (FY), which ended in 30 June, and the annual economic growth rate increased to 4.1%, which is above the expected rate,” said Alaa Youssef, the presidential spokesperson. Youssef said that the real GDP growth for different sectors rose this …

Nihal Mounir

Finance ministry working to reduce budget deficit to 3-4% by 2021: El-Garhy

Minister of Finance Amr El-Garhy said during a meeting of the American Egyptian Chamber (AmCham), that the ministry is working to reduce the budget’s deficit to 3-4% by the year 2021, adding that it’s one of the current challenges facing the government. In the meeting held on Sunday, the minister stated that the government has …

Hisham Salah

Ministry of Finance approves final calculation of 2015/2016 public budget with total deficit of 12.2%

Minister of Finance Amr El-Garhy approved the final calculation of the public budget for the fiscal year (FY) of 2015/2016 with a total deficit of 12.2% or EGP 339.5bn, compared to 11.5% in FY 2014/2015. According to the ministry’s statement on Tuesday, public revenues increased by 5.6% to register EGP 491.5bn owing to a boost in tax revenues, as compared to EGP 465.2bn for …

Daily News Egypt