Egypt budget deficit to reach $6.4 billion in 2002/03
The Egyptian People's Assembly recently passed the budget for the upcoming fiscal year 2002/2003, carrying a deficit of up to 30 billion Egyptian pounds ($6.43 billion). This constitutes 7.2 percent of the nation’s Gross Domestic Product (GDP). The deficit is mainly due to the increase in salaries and pensions, as well as government commitments on jobs.
Taking effect in July, the new budget expenditures stand at EP141.6 billion ($30 billion), an 11.7 percent increase compared with the current budget. Revenues in the new budget are expected to reach EP 111.4 billion ($24 billion), up 5.1 percent from this year’s budget. — (menareport.com)
© 2002 Mena Report (www.menareport.com)