Minister of Finance Amr el-Garhy said that inflation rates are expected to slip down from 17 to 13 % by the end of this fiscal year (FY). This came during his speech at The Third Forum of Public Finance in Arab Countries that took place in Dubai.
Garhy added that the percentage of initial deficit represents 0.3 percent of the gross domestic product during the first half of 20172018، compared to 1.1 percent in the same period last year.
The minister added that foreign investments in governmental securities increased to reach $20.2 billion despite the decline of the interest rates on bills and bonds. “We target to return to the international financial markets but we are waiting for the international markets to stabilize،” Garhy said.
It is noteworthy that the State’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 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.