Egypt central bank deploys AI tools to track inflation, map informal economy: governor    Egypt's stocks record strong gains in September, EGX30 up 4.33%    Egypt approves 776,379 state-funded treatment decisions in July–August    Egypt launches waste reduction plan in Port Said with Japan's JICA    Telecom works near Grand Egyptian Museum cause brief Cairo service outage: NTRA    Egypt drug regulator, Organon discuss biologics expansion, investment    Microfinance portfolios in Egypt exceed EGP 101bn, reaching 4.1 million clients by Q2 2025    Gaza death toll surpasses 66,000 as Israel tightens siege, 'Freedom Flotilla' nears coast    Egypt's PM addresses parliament on Al-Sisi's objections to criminal procedures bill    Egypt's Contact Financial closes EGP 1.312bn securitisation bond    Suez Canal Authority urges Maersk to resume transits, citing strategic role in global trade    Egypt's Al-Sisi reaffirms state's commitment to judicial independence    Alameda launches Egypt's largest private-sector medical conference    Egypt calls for global mental health action, strengthens regional partnerships at Doha Summit    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt's foreign minister says Ethiopia's Nile dam policy is 'destabilising'    Trump unveils controversial Gaza peace plan amid escalating crisis, divided responses    Al-Sisi, Bin Zayed back Trump's Gaza peace initiative amid mounting diplomatic drive    Egypt to host men's, juniors' and ladies' open golf championships in October    Egypt's President Al-Sisi pardons activist Alaa Abdel Fattah, 5 others    Egyptian Writers Conference announces theme for 37th session    Egypt's Al Ismaelia wins heritage award for Downtown Cairo revival    Egypt's PM heads to UNGA to press for Palestinian statehood    Egypt condemns terrorist attack in northwest Pakistan    Egypt's foreign minister holds talks on reviving Iran nuclear negotiations    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt: budget deficit rises to 9.2% of GDP in first nine months of FY2015/6
Amwal Al Ghad Published in Amwal Al Ghad on 04 - 06 - 2016

Egypt's budget deficit surged to 9.2 percent of the country's GDP during the first nine months of the current financial year of 2015/2016, compared to 9 percent during the same period last year, the finance ministry announced on Friday.
In a monthly report published by the state-run news agency MENA on Thursday, the ministry said that the budget deficit recorded 254.9 billion Egyptian pounds (around $28.7 billion) during the period between July 2015 and March 2016 compared to 218.3 billion pounds (around $24.6 billion) recorded during the same period last year.
Earlier in May, the ministry valued the budget deficit at 223 billion pounds (7.9 per cent of the GDP) during the first eight months of the fiscal year 2015/2016 compared to 186 billion pounds during the same period last year.
The government expects the deficit for the fiscal year 2015/2016 to be between 11-11.5 per cent as a percentage of the GDP, while it aims to reduce it to 9.9 per cent in the upcoming fiscal year.
The report said total revenues increased by 3.2 per cent to record 291.1 billion pounds compared to 282.1 billion pounds during the same period last year. The ministry attributed the increase to an increase in tax revenues by 3.7 per cent to record 212.4 billion pounds, in addition to an increase in non-tax revenues by 1.9 per cent, which reached 78.7 billion pounds during the surveyed period.
Total expenses increased by 8.7 per cent to reach 533.3 billion pounds during the first nine months of the current fiscal year compared to 490.6 billion pounds during the same period of the previous fiscal year, according the report.
The report also pointed to an increase in the expenses allocated to salaries and compensation offered to government employees by 8.7 per cent, the lowest increase rate compared to the past three years in the light of the reforms that the ministry has undertaken to control the wage bill.
The government's spending on subsidies, grants and social benefits fell by 20.2 per cent to reach 106.4 billion pounds compared with 133.4 billion pounds during the same period last year in view of the decline in subsidies for petroleum products.
Source: Aswat Masriya

Clic here to read the story from its source.