Egypt 2012/13 budget deficit seen at around 11.5 %

Egypt’s budget deficit will be around 200 billion Egyptian pounds ($28.75 billion), equivalent to 11.5 percent of national output, in the 2012/13 year to the end of June, newly-appointed Investment Minister Yehya Hamed said on Saturday.

“This year we are closing the budget with around 200 billion (Egyptian pounds) deficit, 11.5 percent … We have to close next year with 9.5 percent,” he told a European Bank for Reconstruction and Development conference in Istanbul.

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