budget deficit

Finance min.: Overall deficit decreased by 7.8% despite COVID-19

Wed, 29 Jul 2020 - 01:58 GMT

This came during a cabinet meeting that was held via the video conference to discuss the initial estimations of the financial performance of the 2019-20 fiscal year.

Finance Ministry targets reducing budget deficit to LE 415.2B in FY 2021/22

Wed, 03 Jun 2020 - 04:01 GMT

The ministry seeks to increase the tax revenues to hit LE 1.059 billion and decrease interests to reach LE 528.9 billion.

Egypt expects 19/20 budget deficit to increase to 7.8-7.9% due to COVID-19

Tue, 05 May 2020 - 03:41 GMT

Ma’it added that the budget project for the coming fiscal year 2020/2021 was expected to achieve an initial surplus of 2 percent, but that after the occurrence of the corona virus crisis, this surplus is expected to drop to only 0.6 percent.

Egypt's budget deficit hits LE 267.99B in 7 months: ministry

Thu, 16 Apr 2020 - 04:16 GMT

The budget’s current deficit accounts for 4.4 percent of the gross domestic product (GDP), against 4.1 percent last year, the ministry added.

Egypt targets budget deficit of 6% in 20/21

Mon, 09 Sep 2019 - 01:21 GMT

Ma’it added that it’s expected to achieve a budget deficit of 7.2 percent in the current fiscal year, compared to around 13 percent 3 years ago.

Sisi urges working to reduce public debt, budget deficit

Mon, 15 Jul 2019 - 11:01 GMT

Sisi urged carrying out reforms in order to enhance confidence in the Egyptian economy.

Egypt targets growth rate of 6.1% in 2019/20

Wed, 20 Mar 2019 - 11:42 GMT

Egypt targets to reduce the budget deficit to 7.2 percent during 2019/2020, and to raise the growth rate to 6.1 percent, Minister of Finance Mohamed Ma’it said.

Budget deficit hits LE 222.5 billion in 7 months: ministry

Thu, 14 Mar 2019 - 02:48 GMT

The ministry said revenues rose by 29 percent to hit LE 456.5 billion against LE 353.7 billion during the corresponding period of the previous fiscal year.

CBE bids for LE 17B in T-bills Sunday

Sun, 17 Feb 2019 - 10:37 GMT

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue treasury bills (T-bills) worth LE 17 billion on Sunday, Feb.17.

Pharos sees Egypt on the recovery road

Thu, 10 Jan 2019 - 09:07 GMT

Pharos Holding expected Egypt to achieve a pickup in economic activity over the next five years.

Egypt to achieve GDP of 5.3% in 2017/18

Tue, 04 Dec 2018 - 08:30 GMT

The minister added that Egypt targets a growth rate of 5.8 percent during the current fiscal year 2018/2019.

Egypt targets narrower budget deficit of 7% in 2019/20

Thu, 15 Nov 2018 - 10:59 GMT

The economy has been battered by years of turmoil that began after mass protests in 2011 forced President Hosni Mubarak to step down.

LE 1.9B primary surplus in 2017/2018 budget: Minister

Wed, 13 Jun 2018 - 08:20 GMT

Garhy added that tax yields also climbed 45 percent, compared to an average of 20 percent during the last three years.

Finance Ministry: Budget deficit reaches EGP 218bn in 7 months

Tue, 22 May 2018 - 11:02 GMT

The budget deficit has reached 218 billion pounds during the first half of 2017-2018, the Finance Ministry said in a report.

Egypt to stimulate private sector’s investments: HC

Mon, 07 May 2018 - 01:21 GMT

HC also expects the interest rate to be decreased by 800 basis points during 2018/2019, with an average rate of inflation that amounts to 13 percent.

Government bids for LE 3B in T-bonds Monday

Mon, 30 Apr 2018 - 11:09 GMT

The T-bonds were offered in two installments, the first valued at LE 1.75 billion with a three-year term and the second worth LE 1.25 billion with a seven-year term.

Estimated budget deficit in 2018/19 stands at LE 430.8B

Sun, 15 Apr 2018 - 11:14 GMT

Egypt targets a budget deficit of 8.4 percent of gross domestic product (GDP) in the new budget of fiscal year 2018/19, which will start on July 1.

After Sisi's re-election, IMF says private sector needs more reforms

Wed, 04 Apr 2018 - 11:13 GMT

IMF's Mission Chief for Egypt Subir Lall told Egypt Today that the country needs further reforms to bolster its private sector and job creation.

Finance Ministry works to reduce the budget deficit to 4%

Tue, 03 Apr 2018 - 03:33 GMT

The economic growth rate hit 5.2 percent with the start of the current fiscal year, Amr el-Garhy said.

Egypt’s new budget under the microscope

Mon, 19 Mar 2018 - 05:12 GMT

Egypt’s fiscal years starts on July 1 and lasts until June 30 of the following year.

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