Egyptian Finance: Egypt targets deficit at 7.2% and economic growth 6.1% in 2019-2020
CAIRO - Egypt aims to reduce the overall budget deficit for the next fiscal year
2019-2020 by 7.2 percent and economic growth by 6.1 percent, Finance Minister Mohamed Maait said on Tuesday.
The Egyptian fiscal year begins on July 1 and ends on June 30 of the following year. Egypt aims to reduce its total annual deficit to 8.4 percent in 2018-2019 compared to 9.8 percent a year earlier.
In an economic conference in Cairo, Mait added that his country does not need to request an additional appropriation to balance the current fiscal year 2018-2019.
The Egyptian government has requested an additional appropriation for the budget of 2016-2017 more than 100 billion pounds.
The total deficit for the first quarter of the current fiscal year was 1.9 percent.
Maat said his country aims to achieve economic growth of 6.1 percent in 2019-2020.
Egypt's GDP grew 5.4 percent in the first half of 2018-2019, from 5.2 percent in the same period a year earlier.
Egypt is carrying out tough economic reforms linked to a $ 12 billion three-year loan agreement signed by the IMF in November 2016.