Finance Minister Hany Qadry Dimian expects the financing gap in Egypt to range between US$30 and $32 billion by 2020, compared to the current $36 billion, according to Almal newspaper.
The minister attributed the expected decline in gap to the appreciation of the Egyptian pound against the US Dollar, as well as to the improvement in economic growth which reached 5.6 percent in the first half of fiscal year (FY) 2014/15.
He added that the budget deficit will not exceed 10.5 percent this year and projects that it will reach 10 percent by the next fiscal year.
He also clarified that oil subsidies will stand at LE86 billion in FY15/16’s budget.
The Egyptian government has high hopes to attract foreign investors and donors to get the economy back on track during the Egypt Economic Development Conference (EEDC).
Planning Minister Ashraf al-Araby revealed earlier that Egypt will need to direct investments worth $60 billion in the coming four years. Egypt plans to offer some 50 projects valued at up to $35 billion at EEDC.
Meanwhile, Gulf aid to Egypt decreased by 78.8 percent to $1.04 billion during the July-January 2014/2015 period, compared to about $4.9 billion during the same period of the previous fiscal year.
Salman also has revealed recently that the government is studying the possibly to ask financial support from the International Monetary Fund after the EEDC.
