Cairo – Mubasher: Egypt’s budget deficit is expected to reach between 9.3% and 9.5% during the fiscal year 2017/2018, said minister of finance (MoF) Amr El-Garhy.
The budget deficit decreased to 10.9%, from 12.5% in FY 2015/2016, El-Garhy added during a phone interview with CBC channel.
The funding gap for the coming fiscal year is estimated between $12 billion and $14 billion.
The government of the Arab world's most populous country is seeking to reduce total debt ratio to the gross domestic product (GDP) during the fiscal year 2018/2019 to less than 90%.
El-Garhy previously stated that Egypt’s budget deficit declined to 4.4% in the first half of the current fiscal year, against 5% deficit in the corresponding period a year earlier.
The North African nation aims to reduce the budget deficit to 4% by 2022 to encourage investments and provide job opportunities.
