By: Mustafa Adel

Cairo – Mubasher: Egypt’s budget deficit shrank in the first eight months of fiscal year 2016/2017 to 6.7% of the country’s gross domestic product (GDP), versus 8.2% in the same period of FY15/16, said deputy finance minister for fiscal policies Ahmed Kouchouk on Tuesday.

The budget deficit reached EGP 43 billion in the July-February period of FY16/17, compared to EGP 70 billion in the same period of the previous year.

Kojak attributed the improvements in the budget deficit to higher tax revenue and lower expenses.

Egypt’s Ministry of Finance earlier estimated the budget deficit for FY16/17 at EGP 319.46 billion, versus EGP 339.5 billion in FY15/16.

Translated by: Elwy El-Manzalawy