Egypt’s budget deficit is expected to reach LE185 billion ($26 billion) in the current fiscal year which ends on 30 June 2013, Finance Minister El-Morsi El-Sayed Hegazy told said on Sunday.
Hegazy’s prediction remains lower than the LE200 billion initially estimated by Egyptian officials. The lower forecast is due to planned spending cuts, Hegazy added.
Meanwhile, the growth rate between January and March 2013, the third quarter of the current fiscal year, is expected to reach 2.5 percent, the minister said.
This is a slight increase above the 2.2 percent seen in the previous quarter ending in December 2012. The government forecasts a 3 percent growth rate for 2012/13.