"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    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    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    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.



Budget deficit shrinks by 6% in 8M FY 2013/2014
Published in Daily News Egypt on 31 - 03 - 2014

Egypt's budget deficit "decreased slightly" in the first eight months of the 2013/2014 fiscal year (FY) to 6% of GDP, down from 8.4% of GDP during the same period in FY 2012/2013, according to the Ministry of Finance's March bulletin.
Between July 2013 and February 2014, the gap between revenue and expenditure was EGP 123.6bn compared to EGP 146.5bn in the same period in FY 2012/2013.
The ministry attributed the decrease to foreign assistance packages and a rise in expected tax revenues during the period of study.
Contradicting figures announced by the government of former prime minister Hazem El-Beblawi, Minister of Finance Hany Kadry Dimian announced in a press conference in March that the budget deficit is expected to register between 11% and 12% of GDP by the end of the current fiscal year, down from the previous expectation of 14% of GDP.
In the first half of FY 2013/2014, the finance ministry reported a budget deficit of EGP 89.4bn.
According to the report, government revenues reached EGP 254.2bn as a result of a hike in tax revenues on income, gains, assets and international trade. Grants from other countries, totaling EGP 51.3bn, also caused a surge in revenues.
Following the ouster of former president Mohamed Morsi in July, Saudi Arabia, Kuwait and United Arab Emirates pledged a $12bn assistance package made up of loans, non-refundable grants and petroleum products.
During the same period, the government spent EGP 373.7bn. The government increased spending on wages and compensations by EGP 19.6bn, and spending on subsidies and social programmes by EGP 4bn.
The total revenue in FY 2013/2014 is expected to reach EGP 505.5bn, with EGP 358.7bn in tax revenues, EGP 146.8bn in non-tax revenues, and EGP 144.4bn in other revenues.
Total expenditure is expected to reach EGP 689.3bn, EGP 171.2bn of which will be allocated for wages and workers' compensation, the ministry said in July.
Egypt's domestic debt registered at EGP 1.54tn by the end of December 2013, up from 1.29tn in December 2012, according to the report. Meanwhile, external debt registered $45.8bn in December 2013, compared to $38.8 in the corresponding month in 2012.


Clic here to read the story from its source.