Ministry of Finance announces EGP 96.7bn budget deficit in first trimester of FY 2015/2016

Daily News Egypt
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The Central Bank of Egypt (CBE) said, in an official statement, that the issuance for banknotes rose by EGP 56.7bn, during the 2012/2013 fiscal year (FY) to register a total of EGP 264.1bn. (AFP Photo)

The budget deficit in the first trimester of the 2015/2016 fiscal year was reported at EGP 96.7bn, equivalent to 3.4% of GDP, compared to EGP 84.5bn in the same period in FY 2014/2015, the Ministry of Finance announced.

The deficit is attributed to an increase in state expenditures between July and October, which was reported at EGP 221.2bn, 20.4% higher than state expenditures in the corresponding period in the previous fiscal year, which had recorded EGP 183.7bn.

State revenues in the first trimester were recorded at EGP 133bn.

The Ministry of Finance has previously announced that its targeted total budget deficit in the FY 2015/ 2016 is EGP 251bn, representing 8.9% of GDP. The actual deficit for FY 2014/2015 reached EGP 240bn, 10.8% of GDP.

Public spending in the current fiscal year is expected to be recorded at EGP 872.6bn, an 18.5% increase compared to FY 2014/2015. Revenue is expected to total EGP 599bn.

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