The Ministry of Finance announced a considerable decrease in total revenues and grants as a result of a 92 percent drop in non-tax revenue. In an official statement issued yesterday, the ministry said the aforementioned revenue totaled LE1.4 billion compared to LE17 billion from June to December of last year. Stock profits from the Suez Canal Authority and the Egyptian General Petroleum Corporation and other sources dropped by 34 percent, reaching LE19.1 billion compared to LE29 billion from July 2009 to February 2009. Profits from stocks from the Suez Canal Authority and the Egyptian General Petroleum Corporation and other sources dropped by 34 percent, registering LE19.1 billion compared to LE29 billion in the period between July 2008 and February 2009. Grants also decreased by 73 percent equaling LE1.6 billion, compared to LE6 billion during the same period last year. Corporate income tax proceeds also fell by 35 percent from LE31 billion to LE20 billion. Despite the broad decrease in revenue, sales tax proceeds increased by 3.3 percent to reach LE41 billion, and customs revenue increased by 2.6 percent, reaching LE9 billion. Minister of Finance Youssef Boutros-Ghali said the most recent report by the ministry uncovered that the ratio of public debt to gross domestic product has increased slightly. The debt stands at LE549 billion, or 46.5 percent of the gross domestic product. He also revealed that external debt has increased to US$33.3 billion, registering a 3.6 percent increase. Over the past eight months, the total deficit has increased by around two percent, reaching LE74.7 billion, or 6.3 percent of the gross domestic product, compared to LE45 billion in the same period last year, said Boutros-Ghali. He attributed this increase to slow economic activity and the international financial crisis. Translated from the Arabic Edition.
