Cairo – Mubasher: The Egyptian minister of finance Amr El-Garhy said that Egypt’s total budget deficit saw a notable decline, reaching 10.8% in fiscal year 2016/2017, compared to 12.5% in FY15/16.
The level of the current deficit has witnessed a huge recovery, and Egypt’s financial situation has been good, El-Garhy added in a phone call broadcast to ON Live TV channel.
He continued that the country’s initial budget deficit tumbled 1.5% in 2017, versus a drop of 3.6% in 2016.
Egypt had been paying for its external debts since the 1990s, even during the most difficult situations, he noted, assuring that all debts had been paid.
Regarding the exchange rate, the minister said that it is not controlled by the government, but that it reflects the economic performance and the status quo.
He also noted that the depreciation of the customs exchange rate has occurred in line with the currency price’s downward movement over the last period.
