(MENAFN) After revising the budget draft for the financial year of the 2015/16, the Egyptian government decided to cut the expected deficit to 8.9 percent of GDP, according to official statements, Reuters reported.
The decision came after the president's rejection of the former draft and so the deficit was reduced to around USD32.19 billion against the USD30.7 billion for the previous financial year.
"The deficit has been consolidating slower than planned by the government, increasing the need for financing," an official said in a statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.