The Egyptian Minister of Finance Mohamed Maait said that "Egypt aims to reduce the total deficit in the budget for the next fiscal year 2019-2020 at 7.2 percent and an economic growth of 6.1 percent," adding that "Egypt does not need to request any additional appropriation to balance the current fiscal year 2018 - 2019, where the government has requested an additional appropriation with more than 100 billion pounds for 2016 – 2017’s budget.
He said: "the current financial situation of the Egyptian economy is better than before according to the testimony of the international institutions, the investors’ community and the financial indicators of the state, where we succeeded in increasing the size of the first surplus in the general budget to 21 billion pounds, and increased the tax revenues, resulting in no request for additional appropriations for the general budget for the current fiscal year".
Egypt aims to reduce the total annual deficit to 8.4 percent in 2018 - 2019 compared with 9.8 per cent in the previous year. Noting that Egypt's GDP growth was 5.4 percent in the first half of 2018-2019, compared with 5.2 percent in the same period of last year.
Source: (Asharq Al-Awsat Newspaper, Edited)
