Arab Today, arab today egypt\s budget deficit to reach le200b by fiscal year end
Last Updated : GMT 05:59:01
Arab Today, arab today
Arab Today, arab today

Egypt\'s budget deficit to reach LE200b by fiscal year end

Arab Today, arab today

Arab Today, arab today Egypt\'s budget deficit to reach LE200b by fiscal year end

Cairo - Arabstoday

Budget deficit could reach alarming levels if urgent economic reforms are not implemented, says planning minister Ashraf El-Arabi, Egypt\'s minister of planning and international cooperation, warned that the budget deficit might reach almost LE200 billion by the end of the 2012/2013 fiscal year if the government does not implement long-awaited financial and fiscal reforms, state news agency MENA reported. The government currently aims to diminish poverty levels and redirect subsidies on basic goods in order to reach those most in need and regulate public spending, said El-Arabi to a group of journalists, Monday. El-Arabi added that a number of Arab and western countries are ready to support Egypt to overcome its economic impasse, stressing that the \"upgrading\" of Egypt\'s credit-rating is currently the government\'s top priority and assured that the IMF\'s expected stance towards Egypt will definitely restore international confidence in the Egyptian economy. Egypt is suffering from a widening funding gap that will reach LE14.5 billion by 2013, El- Arabi stated, adding that the postponed $4.8 billion IMF loan will definitely help in bridging this gap, along with the help of other international lenders such as the African Development Bank (AFDB), the European Union (EU) and aid from the Gulf States. \"Once we receive all foreign aid packages from international donors including the IMF, Turkey and Saudi Arabia, we expect our reserve levels to shoot up from $15 billion to almost $19 billion, ending the current state of anxiousness regarding our foreign reserves,\" explained El-Arabi. The minister of planning ended his statement by drawing attention to the battered tourism sector. He stated that the crucial sector is facing a dangerous downturn and announced that a conference on \"tourism promotion\" will be held next January in Sharm El-Sheikh The conference will be endorsed by all Islamist forces in order to send a strong message to the world that Islamist parties support tourism. \"Religious parties headed by the Salafist Nour Party unconditionally support tourism in Egypt,\" El-Arabi announced. From Ahramonline

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*

Arab Today, arab today egypt\s budget deficit to reach le200b by fiscal year end Arab Today, arab today egypt\s budget deficit to reach le200b by fiscal year end

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st female Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st female Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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