Finance Minister Hany Kadry Dimian raised budget deficit forecasts for the fiscal year FY13/14 to around 11-12% of GDP.
Former Finance Minister Ahmed Galal had estimated FY13/14 budget deficit are 10%. A key official at the Finance Ministry criticized Dimian’s shift to adopting an expansionary financial policy during the current period, despite adopting in the past a policy that relied on austerity and rationing of expenditure.
Former minister Galal had estimated budget deficit at 9% for this fiscal year, then raised he estimate to 10% after endorsing the minimum wages.
Egypt’s budget deficit during the period from July, 2013 till January, 2014 amounted to nearly EGP 119.597 billion, compared with EGP 119.825 billion in the same period a year earlier.
Former Finance Minister Ahmed Galal had estimated FY13/14 budget deficit are 10%. A key official at the Finance Ministry criticized Dimian’s shift to adopting an expansionary financial policy during the current period, despite adopting in the past a policy that relied on austerity and rationing of expenditure.
Former minister Galal had estimated budget deficit at 9% for this fiscal year, then raised he estimate to 10% after endorsing the minimum wages.
Egypt’s budget deficit during the period from July, 2013 till January, 2014 amounted to nearly EGP 119.597 billion, compared with EGP 119.825 billion in the same period a year earlier.
Source:
Mubasher
