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Egypt's Sisi approves revised budget with deficit at 10 pct of GDP - statement
Sunday 29-06-2014 09:10 PM
A trader watches his monitor at the Egyptian stock exchange in Cairo April 1, 2014. REUTERS/Mohamed Abd El Ghany
CAIRO, June 29 (Reuters) - Egypt's President Abdel Fattah al-Sisi approved a revised budget for the 2014/15 fiscal year with a deficit of 10 percent of gross domestic product (GDP), the Finance Ministry said in a statement on Sunday.
Spending is set to reach 789 billion Egyptian pounds ($110.4 billion) and revenues at 549 billion Egyptian pounds which would put the budget deficit for the new fiscal year starting on July 1 at 10 percent. This compares with an expected 12 percent for the 2013/14 fiscal year, the ministry said. ($1 = 7.1501 Egyptian Pounds) (Reporting By Shadia Nasralla; editing by Ralph Boulton)
