Notably, the Egyptian FY begins on 1 July and ends on 30 June of the following year. Meanwhile, Egypt aims to reduce the overall annual deficit to 8.4% in FY 2018-2019, down from 9.8% in the last year. Moreover, in 2017, the Former Minister of Finance Amr El Garhy declared that the government aimed at reducing the budget deficit annually by 1-1.5% to reach 4-5% in 2022. El Garhy previously declared, “Reducing the deficit and the public debt will save more resources to invest and raise the private sector’s growth rates,” as he stressed the importance of reducing the budget deficit. In this context, Moait said that Egypt aims to reduce the overall deficit to less than 5% of the GDP, and to lower the public debt to less than 70% of the GDP.

Source: Daily News Egypt December 19, 2018 03:56 UTC