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Sisi approves revised Egypt budget

Abdel Fattah al-Sisi approves a revised budget for the 2014/15 fiscal year with a deficit of 10 percent of gross domestic product (GDP)

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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 ($110.4 billion) 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.