Cairo – Mubasher: Egypt’s targeted total budget deficit for the fiscal year 2019/2020 stood at EGP 445 billion ($25.55 billion), or 7.2% of GDP, compared to a total deficit of EGP 439 billion in the current FY, according to a report released by the Ministry of Finance (MoF).
The MoF plans to increase GDP growth rate in FY19/20 to 6% from 5.6% in FY18/19 as a result of many factors including the positive effects of the country’s economic reform programme and economic and financial stability.
Total targeted revenue for the FY19/20 stood at EGP 1.134 trillion, against EGP 967.7 billion in the current FY.
Meanwhile, the estimated value of debt interests and instalments in the Egyptian budget in FY19/20 increased to EGP 154 billion, the MoF’s data showed.
Instalments of internal and external debt payable in FY19/20 are estimated at EGP 375 billion, the ministry added.
Earlier in May, Egyptian prime minister Mostafa Madbouli said that his country planned to attract investments worth around $200 billion within the next four years.
