Cairo – Mubasher: Egypt aims to see a budget deficit of 7.2% in fiscal year 2019/2020, compared to 8.2% in the prior fiscal year, which was slightly below an official expectation of 8.4%, Reuters reported, citing the country’s finance minister Mohamed Maait as saying.
In addition, the Egyptian government targets a deficit of 6.2% in FY20/21, Maait added during a conference held in Cairo on Tuesday.
The North African nation also aims to achieve a primary surplus of EGP 124 billion ($7.51 billion) in the current fiscal year, up from EGP 104 billion in the previous fiscal year, which is equal to 2% of the country’s gross domestic product (GDP), he revealed.
In FY18/19, above $10 billion in hot money left the country due to the emerging markets crisis, Maait noted.
Egypt aims to achieve an economic growth of 6% in FY19/20, higher than the official target of 5.6% in the prior fiscal year.
