Egypt’s Finance Minister Hany Kadry Dimian revealed on Sunday that the country is targeting 4.3% economic growth during the fiscal year 2015/2016.
The country’s draft budget for the new fiscal year also shows targeting 9.5-10% overall deficit and state public debt of not more than 91-92% of gross domestic product, according to the minister.
Egypt’s budget deficit amounted to approx. EGP 255.4 billion in the fiscal year 2013/2014, representing 12.8% of GDP, compared with EGP 239.7 billion, or 13.7% of GDP a year earlier.
The minister said, in a statement, that the government will achieve those targets through continuing structural fiscal reforms that include rearranging priorities for state spending, in addition to broadening tax base and continuing with cuts in energy subsidies.
Photo Credit: Arabianeye-Reuters
The country’s draft budget for the new fiscal year also shows targeting 9.5-10% overall deficit and state public debt of not more than 91-92% of gross domestic product, according to the minister.
Egypt’s budget deficit amounted to approx. EGP 255.4 billion in the fiscal year 2013/2014, representing 12.8% of GDP, compared with EGP 239.7 billion, or 13.7% of GDP a year earlier.
The minister said, in a statement, that the government will achieve those targets through continuing structural fiscal reforms that include rearranging priorities for state spending, in addition to broadening tax base and continuing with cuts in energy subsidies.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
