Egypt’s budget deficit reached LE136.5 billion in the first 11 months of the 2011/12 fiscal year but remained significantly below the level predicted by government and experts, finance ministry data shows. The deficit for the period between July 2011 and May 2012 accounts for 8.8 per cent of GDP. It compares with LE112.6 billion over the same period in the 2010/11 financial year. Data for the entire year is still to be published, but the 2011/12 budget which finished on 30 June indicated a deficit of 7.8 per cent. Egypt's interim government, however, overspent during the first half of the fiscal year prompting Prime Minister Kamal El-Ganzouri to adopt a mini-austerity scheme in a bid to cut expenses by LE14-20 billion. Ganzouri later revised the 2011/12 budget deficit to LE144 billion, or 9.2 per cent of GDP. Cairo-based investment bank Beltone Financial on Sunday said the new data was "lower than our expectations". It had earlier predicted a budget deficit of LE160 billion, equivalent to 11 per cent. "[The lower budget deficit was caused] primarily on savings on expenditure items that were introduced by PM Ganzouri and efforts to raise tax revenues," the bank said in a note. From ahram
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor