Egypt’s budget deficit dips in first five months of FY 2018-19

Egypt’s budget deficit dipped to 3.1% from 3.7% y-o-y during the first five months of FY2018-19, coming in at EGP 162.3 bn, down from EGP 163.6 bn in the same period last year, according to a Finance Ministry report (pdf). Inflows to state coffers during the five-month period came in at EGP 321 bn while expenditures topped EGP 484 bn. Egypt is targeting a budget deficit of 8.4% for the current fiscal year.