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Egypt is looking to cut the budget deficit below 10% by the end of fiscal year


The Prime Minister said that the economic reform measures designed to control the budget, which ranges from 11 to 12% deficit, and lower it to below 10% by the end of the current fiscal year, according to a press release.

The Egyptian Ministry of Finance had announced last July that the state budget for the fiscal year 2016-2017 estimated a deficit of 9.8% to the gross domestic product, compared with about 12.2% in the preliminary data for the final calculation for the fiscal year 2015-2016.

The Ministry of Finance estimated the total deficit to the draft state budget for the fiscal year 2016-2017 estimated at 319.46 billion pounds.

He said Sharif Ismail, that the economic reform measures were offset by an integrated social protection programs, according to the statement.

The oldest of the Central Bank of Egypt, on Thursday, on the liberalization of the exchange rate in an attempt to fix the exchange rate in a country that imports most of its needs from abroad.

Egypt lifted the beginning of last Friday, Fuel cars, houses, factories, prices, after a few hours of editing the pound's exchange rate.

The government approved the increase in the number of beneficiaries program of "solidarity and dignity" from one million to 1.7 million families with additional support 2.5 billion pounds, also lowered the age of the beneficiaries of the dignity of the program from 65 to 60 years for the benefit of 14 thousand households at a cost of 200 million pounds, according to the statement.

Egyptian Minister of Petroleum, said that energy subsidies reached 64 billion pounds; result float pound exchange rate, high global oil prices.

He said Tariq Al-Mulla, in a telephone conversation with the capital program here on the CBC satellite channel, on Saturday, that the increase in prices of petroleum products last Friday provide 22 billion pounds of support in the state budget allocations.

The minister said: "Support was 35 billion pounds this year from 2016 to 2017, based on the exchange rate of 9 pounds, the price of Brent $ 40, and reached 51 billion pounds in 2015-2016."

The government decided to increase fuel prices by ranged from 30 to 47%, last Friday, after the release of the central bank to pound exchange rate.

The minister added that the increase in fuel prices, the beginning of a series of future actions in order to rationalize the support, and the development of different mechanisms with the editing, the price of oil would have been without the intervention of the state experience on engine oils before.
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