FILE - Minister of Finance Amr El-Garhy
CAIRO – 12 February 2018: Minister of Finance Amr el-Garhy expected inflation to decline by the end of this fiscal year (FY) from 17 percent to 13 percent, according to his speech at The Third Forum of Public Finance in Arab Countries that took place in Dubai.
Garhy added that the percentage of initial deficit represents 0.3 percent of the gross domestic product during the first half of 2017/2018, compared to 1.1 percent in the same period last year.
The minister added that foreign investments in governmental securities increased to reach $20.2 billion despite the decline of the interest rates on bills and bonds.
“We target to return to the international financial markets but we are waiting for the international markets to stabilize,” Garhy said.
Egypt’s budget deficit increased 7 percent in the first half of fiscal year 2017/2018, to record LE 187.3 billion, compared to LE 174.6 billion in the same period of 2016/2017, a recent report of the Ministry of Finance showed.
For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
Leave a Comment