Cairo – Mubasher: Egypt’s budget deficit is projected to rise to 9.4% of gross domestic product (GDP) in fiscal year 2017/2018, deputy finance minister Mohamed Maait told Reuters on Tuesday.
Maait ascribed the rise to an increase in global oil prices and high local interest rates, according to the news agency.
Egypt’s finance minister had previously stated that the budget deficit fell to 4.4% in the first half of FY17/18, against 5% in the prior fiscal year.
The government of the North African nation was seeking to cut the 2017/2018 budget deficit to around 9% of the GDP.
