Egypt budget deficit to reach $19.2b in 2010/11

14 Apr 2010

(MENAFN) Egypt’s budget deficit will reach $19.2 billion in the fiscal year 2010/11, and will start falling the following year, according to the finance minister.

The deficit next year would be $1.45 billion more than in 2009/10, implying a deficit of $17.8 billion this fiscal year, the government-owned daily Al-Ahram quoted Youssef Boutros-Ghali as saying.

The minister did not give a ratio but previously said the deficit would be 7.9 percent of gross domestic product (GDP) in the year that ends June 30, 2011.

The deficit would then start falling to 3.3 percent of gross domestic product, the report said. It was not immediately clear if that target of 3.3 percent would be hit in 2011/12.

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