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Egypt’s budget deficit records EGP 187.3bln in H1 of 201718، Finance Ministry

Monday 12/February/2018 - 02:31 PM
Sada El Balad
Hassanein Tayea
Egypt’s budget deficit recorded EGP 187.3 billion in the first half of fiscal year 20172018، equal to 4.2 % of the Gross Domestic Product (GDP)، compared to EGP 174.6 billion in the same period of 20162017.

The Ministry of Finance added in its report، the revenues increased recording EGP 302.5 billion during the first six months of this fiscal year to، compared to EGP 219.8 in the same period of the previous year.

Total expenses also rose 25 percent to EGP 487.7 billion compared to EGP 389.6 billion in the same period of the previous year.

Budget deficit for first quarter (Q1) of fiscal year (FY) 201718 decreased by 2 percent of GDP، to register EGP 85.3 billion.

For the current fiscal year، the budget deficit is estimated to record EGP 370 billion، planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

In October 2017، The World Bank expected Egypt’s budget deficit to decline to 8.8 percent of the gross domestic product (GDP) in fiscal year (FY) 201718، the international financial institution said.

Egypt’s fiscal year begins in July and ends in June.

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