Egypt Budget Deficit at 9.5% in Q4 FY 2016/17: President

Thursday, 14th September 2017
by Invest Gate

Egyptian President Abdel Fattah al-Sisi gives an address after the gunmen attack in Minya, accompanied by leaders of the Supreme Council of the Armed Forces and the Supreme Council for Police (unseen), at the Ittihadiya presidential palace in Cairo, Egypt, May 26, 2017 in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. TPX IMAGES OF THE DAY

President Abdel-Fattah El-Sisi announced on Thursday that Egypt’s budget deficit stood at 9.5% during the fourth quarter of the 2016/17 fiscal year, which ended in June, compared to 11.5% during the same quarter last year, Reuters reports.

Egypt has been looking to tighten control of its finances as it pushes ahead with ambitious economic reforms tied to a USD 12 bn three-year International Monetary Fund lending program it signed last year.

The statement came during the opening of the international forum on financial inclusion held in the Red Sea resort city of Sharm El-Sheikh.