Egypt sees budget deficit at 9.38pc GDP

Tuesday, 3 May 2011 00:00 - - {{hitsCtrl.values.hits}}

Cairo, Reuters - Egypt's state budget deficit is likely to grow to 9.38 per cent in the 2011-12 fiscal year from around 8.5 per cent now as it spends more to boost a sagging economy, the country's finance minister said on Monday.

Samir Radwan told Reuters the draft budget due to be presented to cabinet foresees state income of 342.6 billion Egyptian pounds ($57.61 billion) and spending of 500.7 billion pounds. Planning and International Co-operation Minister Faiza Abu el-Naga announced a development plan worth 230 billion pounds on Monday to kick start the economy after a popular revolt ousted Egypt's president.