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Egypt's budget deficit reaches EGP 255.4bn in FY13/14

Egypt's budget deficit reaches EGP 255.4bn in FY13/14
Egypt's budget deficit reached EGP 255.4 billion – 12.8% of GDP – in the fiscal year 2013/14, according to final figures announced by Finance Minister Hany Qadry Demian.
The minister announced that the budget deficit in the fiscal year ending on 31 June 2014 did not achieve its initial target as plans for fiscal consolidation did not materialize.
Revenues amounted to EGP 456 billion, 24% lower than budgeted, due to overestimates based on unattained procedures, mainly subsidy cuts and tax reform, the minister noted, adding that this was overcome by Gulf aid.
Egypt received EGP 95.8 billion in aid and grants from Saudi Arabia, UAE and Kuwait following the ouster of president Mohamed Morsi on June 30, 2013.
Most of the Gulf aid came in the form of petroleum products, with the cash aid ranging from LE20-LE21 billion.
Revenues from the Suez Canal, central bank and petroleum sector hit EGP 100.6 billion.
Meanwhile, the government spent EGP 701.5 billion, almost 10% lower than budgeted, partially due to savings in wages.