Egypt’s general budget deficit has dropped to LE145 billion during the first nine months of the 2013-2014 fiscal year, according to official statements released Wednesday by the Ministry of Finance.
Egypt marks its fiscal year at the beginning of July every year.
The drop represents 7.1 percent of GDP, according to a monthly report by the ministry, which is down from 10 percent of GDP during the same period last year.
The report said that during this period, total expenditure stood at LE423 billion, up from LE382.5 billion during the same period in 2012-2013.
Meanwhile, total revenues stood at LE282.7 billion, up from LE208.2 billion.
The ministry said that foreign grants helped in the deficit drop, as the government received grants worth of LE51.3 billion, compared to LE3 billion during the same period last year.
Finance Minister Hany Qadry said last Sunday that his government predicts a LE340-305 billion deficit (14-14.5 percent of GDP) during the next fiscal year if the government does not make reforms.
