egypt’s deficit back on track
Last Updated : GMT 02:11:35
Arab Today, arab today
Arab Today, arab today

IMF visit is postponed

Egypt’s deficit back on track

Arab Today, arab today

Arab Today, arab today Egypt’s deficit back on track

Prime Minsiter Ganzoury "left", Finance Minister Momtaz El-Said "right"
Cairo - Agencies

Prime Minsiter Ganzoury "left", Finance Minister Momtaz El-Said "right" Egypt will maintain its budget deficit at a lower percentage than previously estimated, the Egyptian finance minister said on Tuesday, following a statement from another minister that a visit from the International Monetary Fund (IMF), planned for January, would be delayed for a few weeks.
Finance Minister Momtaz El-Said said Egypt would maintain its budget deficit at 8.6 per cent of gross domestic product (GDP), in the financial year ending in June.
"We are committed to maintaining the budget deficit so that it does not exceed LE134 billion,” El-Said said in a statement after a cabinet meeting, which is an improvement on the initial forecast last week, that put Egypt's deficit for 2011/2  at 11.7 per cent of GDP.
A state newspaper reported on Sunday that the government plans to raise natural gas and electricity prices paid by heavy industries by 33 per cent this month to help cap the deficit.
El-Said also said they will review custom duties to help narrow the deficit without "contravening Egypt's signed agreement with the World Trade Organization (WTO).” The WTO exists to support freer world trade.
An expected visit by the IMF this month to discuss Egypt’s economic problems has been delayed for "a few weeks" wrote independent newspaper Al-Shorouk on Tuesday, citing a government minister.
Egypt, whose economy was battered by the revolution that unseated Hosni Mubarak in February, turned down a $3 billion IMF facility in June last year, saying it did not need the funds. The ruling military generals have also been reluctant to take on debt without a popular mandate.
Last week, however, a committee formed of the central bank's governor, as well as ministers of finance, planning, industry and supply, indicated that foreign borrowing has become a necessity for the Egyptian economy to cover the deficits in budget and the balance of payment, along with the drop in international reserves. The borrowed amount will range from $10 billion to $12 billion, the committee indicated.
Yields on Egyptian treasury bills have soared to new highs as the government leans more heavily on local banks for liquidity in the absence of foreign debt investors.
The fund will be informed of a new date for their visit, Al-Shorouk newspaper reported, quoting Planning and International Cooperation Minister Fayza Abul-Naga. The IMF's visit was postponed at the request of the Egyptian government because of its busy agenda .
 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt’s deficit back on track egypt’s deficit back on track

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt’s deficit back on track egypt’s deficit back on track

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday