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Egypt seeks to down budget deficit to 8.5% in 2018-2019 FY - presidency

Egypt is seeking to shrink budget deficit to 8.5% in the 2018-2019 fiscal year, the presidency said in a statement.

Budget deficit is expected to stand at 9.5-9.7% in the 2017-2018 fiscal year which is due to end in June, the statement said on Saturday, noting that budget deficit recorded 10.9% in the previous year. Egypt’s fiscal year begins in July and ends in June.

 Thanks to the continued economic and financial reform measures adopted by the Egyptian government, the economy began to recover, economic performance indicators improved and, consequently, investors' confidence was bolstered.

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