Cairo – Mubasher: Egypt government targets to reduce the current budget deficit to 8% from 11.5% of gross domestic product (GDP), said Prime Minister Sherif Ismail.
This target is part of a government program aiming further to raise savings and investment rates for bridging the funding gap, boosting economic growth rate by 6% in two years, and decreasing inflation rate to 9% from11%.
The country’s budget deficit for the fiscal year 2015/16 is estimated at EGP 251 billion, or 8.9% of GDP. Actual deficit reached EGP 279.4 billion, or 11.5% of GDP, in the previous year.
Moreover, the program entails a remedial vision for improving education system, the minister said, adding that the government is building 1,000 schools for solving the issue of high classroom density.
The minister assured that the government has no intention to sell public-sector companies, but it plans to reform and effectively run them for bringing revenues through floating some of them.
The Egyptian parliament will consider this program on 27 March, 2015.
