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Egypt’s budget deficit grows in current fiscal year

Cairo, Mar 25 (Prensa Latina) Egypt's budget deficit reached 368 billion pounds (some 20 billion dollars) in the first eight months of the current fiscal year, an official source reported on Friday.

The Ministry of Finance stated that the figure accounts for 48 billion pounds (some two billion dollars) more compared to the same period of the previous year.

The Ministry stated that public revenues surged by 9.2 percent between July 2021 and February 2022, while expenditures grew by 11.9 percent.

It explained that the State’s budget managed to meet the increase in financial allocations for health, education, public investments, wages and social protection programs, despite the negative impact of the Covid-19 pandemic.

Cairo authorities lowered their growth projections to 5.5 percent for the next fiscal year, two tenths less than what was planned in January due to the crisis in Ukraine.