Economy

Egypt’s budget deficit below 5% in first 8 months: deputy finance minister

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Wed, 2022-03-16 16:42

RIYADH: Egypt’s total budget deficit will be below 5 percent in the first eight months of the 2021-22 fiscal year, deputy finance minister Ahmed Kouchouk told Asharq.

The total deficit in the period from July 2021 to January 2022 has approached 3.7 percent. It is expected to remain stable during the rest of the current fiscal year compared to last year, he added.

Despite the economic turmoil and the global geopolitical tensions, the ministry aims to end the current fiscal year according to the planned basic goals, Kouchouk said.

He added that Egypt could be affected by a 1 to 2 percent decline in its gross domestic product, but claimed economic performance will be positive.

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