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Egypt mulls austerity measures to cut budget deficit
- Egypt: Monday, November 12 - 2012 at 01:38
The Egyptian government has proposed tax changes and reducing energy subsidies to cut a budget deficit running at about 11% of gross domestic product, Reuters has reported. The austerity steps are part of an economic programme drawn up in part to help convince the International Monetary Fund that the country is serious about economic reform. Finance minister Mumtaz al-Said said Egypt could save EGP35bn ($5.7bn) a year with planned energy subsidy reforms.
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