Cairo - Mubasher: Egypt’s budget deficit fell 1.9% of gross domestic product (GDP) in the first quarter of fiscal year 2018/2019, compared to 2% in the same period a year earlier, the Egyptian finance minister said on Tuesday.
Results signal a non-stop improvement in the Egyptian economy’s indicators and increase the capability of achieving FY 18/19 budget targets, Mohamed Maait added.
Egypt’s fiscal year begins in July and ends in June.
The North African nation is at pains to slash its budget deficit to 8.4% in the current fiscal year, down from 9.8% in the previous year.
Earlier this month, Egyptian planning minister Hala El Said said that Egypt’s economy grew 5.3% year-on-year in Q1-18/19.
It is worth noting that the Arab world's most populous country has been seeking to tighten control of its finances as it pushes ahead with economic reforms tied to the International Monetary Fund’s (IMF) $12 billion three-year loan programme signed by the end of 2016.
