Popular News From Popular Sites: Egypt's Sisi approves revised budget with deficit at 10 percent of GDP

Sunday, June 29, 2014

Egypt's Sisi approves revised budget with deficit at 10 percent of GDP

Egypt's President Sisi speaks during a joint news conference with Sudan's President Bashir in Khartoum By Shadia Nasralla CAIRO (Reuters) - Egypt's President Abdel Fattah al-Sisi approved a revised and tightened budget for the 2014/15 fiscal year, the Finance Ministry said on Sunday, as the first step towards a period of painful economic austerity. The budget deficit of 240 billion Egyptian pounds (19.71 billion pounds) will be 10 percent of gross domestic product (GDP), compared to an expected 12 percent shortfall for the 2013/14 fiscal year ending on Monday, it said in a statement. An initial budget proposal foresaw a 292 billion pound deficit for the next fiscal year, a ministry spokesman said, but Sisi rejected that last week and announced he would give up half his salary and property for the sake of the country. Last month, the Finance Ministry forecast growth of around 3.2 percent for the coming fiscal year, too low to create enough jobs for the rapidly growing population in this country of 86 million.




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