Cairo - Mubasher: The Egyptian government is targeting to reduce the budget deficit to 6.2% of the country’s total gross domestic product (GDP) by 2019-2020, according to a recent report by the Central Bank of Egypt (CBE).
The CBE noted in its monetary policy report that through the economic reform programme that government is aiming to reduce the total deficit to 9.8% by the end of fiscal year 2017-2018, down from 10.9% from the previous year, as reported by the Middle East News Agency (MENA).
Real economic growth is forecasted to maintain its upwards trend supported by the increasing local demand in the public sector.
The Egyptian minister of finance said that the country’s strategy in the upcoming period is targeting sustainable growth rates between 6% and 7%, to help reduce inflation.
The budget proposal for next year targets an initial surplus of 0.2%, which is a huge achievement, Minister Amr El-Garhy said in a statement on Saturday.
Prime Minister Sherif Ismail said today that he expects economic growth to exceed the expectations of international instructions and surpass 6% for FY18/19.
