Egypt's budget deficit hits LE91.5 billion: Finance ministry

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Egypt's budget deficit hits LE91.5 billion: Finance ministry

Post by DJKeefy » Mon Feb 04, 2013 11:22 am

Egypt's budget deficit reached LE91.5 billion in the first six months of the current 2012/13 fiscal year that began last July, the Egyptian Ministry of Finance reported on Sunday.

The deficit currently represents roughly 5.1 per cent of the country's total GDP.

The same period last year saw a budget deficit of LE73.8 billion.

The ministry also noted that government revenues had risen by 31.1 per cent from July to December of last year to stand at LE153 billion. This is compared to LE117 billion for the same period in 2011.

However, total expenditures have also significantly increased – by 28.4 per cent – in the aforementioned period to LE243 billion. This is compared to LE188 billion for the same period the previous fiscal year.

Subsidies allocated to state-run petroleum company EGPC, meanwhile, also increased by a whopping 50 per cent for the same period, reaching LE53 billion compared to LE35 billion last year.

The Egyptian Ministry of Industry and Foreign Trade expects the budget deficit to reach LE200 billion by the end of 2013.

Source: http://english.ahram.org.eg/News/63968.aspx


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Re: Egypt's budget deficit hits LE91.5 billion: Finance mini

Post by LovelyLadyLux » Mon Feb 04, 2013 4:43 pm

Looks like the deficits just keep growing but at least Egypt has 4 F-16s! Wonder if they'll be able to afford the gas to fly them?

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