Egypt budget deficit falls
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May 24, 2017, 7:25 pm
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Egypt’s budget deficit for the first nine months of the 2016-17 fiscal year ending in June dipped to 8 per cent of gross domestic product (GDP), down from the 9.4 per cent witnessed during the same period last year, a draft budget statement showed. The government in April said it expects the budget deficit for this fiscal year to hit 10.9 per cent of GDP.
It is looking to bring this down to 9.1 per cent during the next fiscal year.
Egypt is implementing sweeping reforms that include cutting subsidies and raising taxes as part of a three-year $12 billion (Dh44 billion) International Monetary Fund lending programme.Gulf News
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