Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) is planning to raise the expected rate for the budget deficit to 8.6% of the country’s gross domestic product (GDP) from 8.4%.
The unexpected increase in both the interest on government debt instruments and oil prices is the cause of such growth in deficit, an informed source told Enterprise.
The government is seeking to up revenue through a raft of sources including the state-run initial public offerings (IPOs), which could help keep the deficit in check, he added.
The increase in deficit forecasts is projected to announce by the government following the disclosures of the first quarter of the current fiscal year, the source revealed.
