Egypt expects budget deficit of 9.5-9.7 pct in 2017-18 fiscal year

Finance Minister Amr El-Garhy at a news conference in Cairo. (Reuters)

Egypt is targeting a budget deficit of 9.5 to 9.7 percent of GDP for the 2017-18 fiscal year that ends in June compared with 10.9 percent in the previous year, a statement from the presidency said on Saturday.

Egypt’s economic growth deteriorated after a 2011 uprising drove tourists and foreign investors away, but reforms tied to a $12 billion International Monetary Fund deal signed in 2016 have in recent months led to an improvement in economic indicators.

The finance ministry had said on Thursday it expected a budget deficit of 9.6-9.8 percent for the current fiscal year.

Egypt aims to reduce its budget deficit to 8.5 percent in the 2018/19 fiscal year, the presidency statement said.

Finance Minister Amr El Garhy had said earlier this week the country was targeting a budget deficit of between 8.5 and 8.8 percent of gross domestic product for the 2018-19 fiscal year that begins in July.

Egypt’s fiscal year begins in July and ends in June.

Last Update: Sunday, 11 March 2018 KSA 00:15 - GMT 21:15

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