Parliament to discuss new budget Monday

CAIRO – 3 July 2017: The Parliament’s general session will discuss draft laws of the state’s economic and social strategy and draft budget for fiscal year 2017/18, the House of Representatives said in a Monday statement.

The government is targeting a budget deficit of 9.1 percent of GDP in FY2017/18, according to the Ministry of Finance.

Egypt’s budget deficit hit seven percent of GDP, at LE 226 billion ($12.4 billion), during the first eight months of FY2016/17, the Finance Ministry said in a statement earlier this month.

The budget deficit in the current 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 statement added.