Egypt targets budget deficit of 7.2% in FY2019-20

Gov’t is targeting 6.1% economic growth in its next fiscal year: The government is targeting a budget deficit of 7.2% of GDP and a GDP growth of 6.1% in FY2019-20, Finance Minister Mohamed Maait said yesterday, according to Reuters. The figures cited by Maait differ slightly from those included in the ministry’s mid-year review of the FY2018-19 budget, which set the deficit and growth targets for next fiscal year at 7.1% and 6.2%, respectively. A senior government official had also given us slightly different figures, saying the ministry is targeting a 7% budget deficit. Our source had also cited the target GDP growth figure at 6.1%.