The Egyptian Ministry of Finance announced the collective deficit in the Budget project. It calls for concern when it reached 134.3 billion EGP (U.S. $22.5 billion) and totaling at 8.55 percent. The ministry took action to increase revenues and increased taxation of cigarettes from 40 percent to 50 percent. The ministry also applied a 25 percent tax bracket on individual companies and applied a 10 percent tax cut on profits. The total public debt the government owes until December 2010 reached 1.45 trillion EGP, which represents 76 percent of the total GDP. This percentage is considered safe in comparison with the biggest economic forces in the world. The percentage in the U.S. reached 98 percent by the end of May 2011, ensuring the ability of public finances of the state to pay debt service payments of doctors' and nurses' conditions. The Ministry of Finance said on its website the increase in percentage to supporting petroleum products by 27.8 billion EGP (U.S. $ 4.65 billion) in the budget project than last year, which totaled 95.5 billion EGP (US $16 billion) with an increase of 41 percent. Considering the increase in percentage of this support, the Petroleum Corporation now is facing a deficit in cash needed to cover monthly spending in this support.
