Egypt revises budget to limit deficit

May 12, 2014 10:38 am

The Egyptian cabinet has revised the country’s annual budget for the upcoming fiscal year to limit the budget deficit to 13.9% of Gross Domestic Product (GDP), in case none of the current government’s planned economic reforms are implemented in time, Ahram has reported, citing an official government source. Last month, finance minister Hany Kadry Demian had forecasted that Egypt’s budget deficit would hit 14.5% of GDP by the end of the 2014/2015 fiscal year, unless any of the planned reforms in the country’s tax system and state subsidy programme are implemented. Since its 2011 uprising, Egypt has struggled to contain a ballooning budget deficit that hit 14% of GDP at the end of the last fiscal year.