Saturday, 21 October 2017 12:15 GMT
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Egyptian Pres. approves '14-15 budget with 10 pct deficit

(MENAFN - Kuwait News Agency (KUNA)) Egypt's President Abdelfatah Al-Sisi has approved a revised version of the country's general budget for the fiscal year 2014-15, with a deficit of 10 percent of the gross domestic product, the Finance Ministry said in a statement on Sunda



The statement said that the budget includes a spending of 789 billion Egyptian pounds (about USD 110.3 billion), while revenues are expected to stand at 549 billion Egyptian pounds (USD 76.7 billion



The difference between spending and revenues shows a deficit of 240 billion Egyptian pounds (USD 33.5 billion), representing about a 10 percent deficit for the new fiscal year, comparing with 12 percent for the 2013-14 fiscal yea



Finance Minister Hani Qadri is scheduled to hold a press conference on Monday to elaborate on the programs and reform plans included in the new budge



On June 25, Al-Sisi did not ratify the draft state budget that featured a surge in public debt up to more than EGP two trillion
Egyptian Pres. approves '14-15 budget with 10 pct deficit