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Egypt’s budget deficit reaches 14% of GDP

The Egyptian cabinet has said the country's budget deficit soared in the last fiscal year as spending on interest rates and energy subsidies increased, Reuters has reported. Egypt's budget deficit rose to EGP220bn ($32bn) at the end of the last fiscal year which ended June 30, putting it at 14% of gross domestic product, the cabinet said. State revenue increased by 13.5% to EGY344.6bn in the financial year to June 30, while spending rose 23.7% to EGP582.7bn, the finance ministry said.