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Egypt targets cutting budget deficit by nearly 50%
- Egypt: Monday, May 06 - 2013 at 05:15
Egypt's finance minister has said the government hopes to lower its budget deficit to 5.5% in the 2016-1017 fiscal year from 10.7% in 2012-13, Reuters has reported. According to a draft budget, the budget deficit will reach EGP197.5bn ($28.7bn), or 9.5% of gross domestic product, in the fiscal year starting July 1, after a revised EGP184.9bn, or 10.7% in 2012/13. A deficit cut is a crucial step to secure a $4.8bn loan from the International Monetary Fund. The government plans to curb spending on fuel subsidies and introduce tax changes that would target the wealthy.
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