Egypt plans to curb budget deficit to 8 percent

Egypt’s government is working on slashing the budget deficit to 8% of gross domestic product (GDP) in the coming four years, said Minister of Investment Ashraf Salman on Sunday.
Egypt has benefitted from the recent dip of oil global prices, which saved around 30 billion EGP (1US$= 7.60 EGP).

The amount will be allocated to health, education and infrastructure he told a press conference.
We are targeting 7 percent growth rate in the coming four years, he added.

Budget shortfall amounted to an estimated 14 percent of GDP for Financial Year 2014-2015, before President Abdel Fatah al-Sisi ratified a revised and tightened budget in which the deficit was reduced from 292 billion EGP in the initial budget draft to 240 billion EGP.