Cairo – Mubasher: Egypt’s budget deficit dropped by 9.8% of gross domestic product (GDP) in fiscal year 2017/2018, deputy finance minister Ahmed Kojak said.
The North African country’s total tax revenues amounted to EGP 628 billion, accounting for 104% of the FY17/18 budget’s target, Kojak added in a press conference on Thursday.
The Ministry of Finance (MOF) had announced that Egypt’s budget deficit rose 11.3% year-on-year during the first seven months of the current fiscal year.
The MOF had estimated the Arab world's most populous country’s total deficit for FY18/19 at around EGP 438.6 billion, or 8.4% of GDP.
