Central Bank: Egypt’s budget deficit shrinks to 12.4% of GDP in 2013/2014

Egypt’s overall budget deficit fell to LE253.7 billion or 12.4 percent of GDP in the fiscal year of 2013/2014, from 13.8 percent of GDP in 2012/13, according to according to a new report released Thursday by Central Bank of Egypt (CBE).
The report also indicated that total revenues of the budget sector (the administrative system, local administration and service authorities) amounted to LE400.1 billion in the FY 2013/2014, and total expenditures LE643.1 billion.
The finance ministry's August report said that the budget deficit is estimated at LE240 billion (10 percent of GDP), while total government debt (domestic and external) will reach a sum of LE 2.2 trillion at the end of 2014/2015 fiscal year, which is about 90 percent of GDP, decreasing from 93.8 percent of GDP for the FY 2012/2013.
“The government is targeting fiscal and economic reforms to achieve economic revitalization, and strengthen social justice while maintaining economic stability and financial sustainability,” the report stated.
In the new budget for the FY 2014/15, government revenues are estimated to reach LE549 billion, recording an annual growth of 8 percent, compared to LE507 billion, which is expected during the FY 2013/2014.
Meanwhile, government expenditures are estimated to reach LE790 billion with 7 percent annual growth in the new budget, according to the report.

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