Kojak added - during the activities of the second day of the CEO Conference - Monday, that it is targeted to reach the total deficit in the budget for the current fiscal year to 6.7 percent of gross domestic product (GDP).
Expenditures registered LE 214.1 billion, while revenues stood at LE 129 billion.
The budget’s overall deficit dropped to 1.9 percent of GDP in the first quarter of fiscal year 2017/2018, compared to 2.5 percent last year.
Budget revenues hiked 33.2 percent, while expenditures went up 24.4 percent.
Egypt will not see any more increases in fuel prices in the current fiscal year 2017/18, Minister of Finance said.
Egypt’s primary deficit is expected to reach 1.7-1.8 percent of GDP in the current fiscal year