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Egypt lowers budget deficit by 6%

March 29, 2014 11:23 am

Egypt’s finance ministry has said the budget deficit shrank by 6% in the first eight months of the 2013/14 fiscal year to EGP123.6bn ($17.7bn), compared with EGP146.5bn ($21bn) recorded in the same period of the previous fiscal year, Ahram has reported. The slowdown in deficit was attributed to the rise in the taxes revenues that recorded EGP148.7bn ($21.3bn) between July and February 2013/14, against EGP136.8bn ($19.6bn) during the same period of 2012/13. The country’s budget deficit is expected to reach between 11% and 12% by the end of the current fiscal year, the finance minister told reporters earlier in March.