Budget deficit hits LE 323.7B in 11 months: Ministry

CAIRO – 6 August 2017: Budget deficit recorded 9.5 percent of the Gross Domestic Product (GDP) in the first 11 months of FY2016/17, the monthly report of the Ministry of Finance said Sunday.

In the period between July 2016 and May 2017, the budget deficit stood at LE 323.7 billion, compared to LE 311 billion ($17.5 billion) in the corresponding period last year, shaping 11.5 percent of GDP.

The budget deficit in the previous fiscal year is expected to close at LE 322 billion. The figure has increased compared to the LE 222.9 billion deficit registered in the previous fiscal year, FY2015/2016, representing 8.2 percent of GDP, the ministry earlier reported.

For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.