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Egypt to settle EGP4bn in contractor dues

Egyptian finance minister Ahmed Galal has said that government agencies are set to pay between EGP2.5bn and EGP4bn in arrears to contracting companies in the coming weeks, Daily News Egypt has reported. Egypt's budget deficit has reached 14% of GDP, while public debt has increased to 20%. The country's balance of payments deficit has reached $2bn, while unemployment rates have reached 13%, said Galal.