Thursday, February 21, 2013

EGYPT DEFICIT COULD INCREASE TO 10 PCT OF GDP

Egypt's budget deficit could swell to 180 billion Egyptian pounds ($26.74 billion), or 10 percent of gross domestic product, in the 12 months to the end of June, Planning Minister Ashraf al-Araby said on Thursday.

Government finances have been put under additional strain by an 8 percent fall in the Egyptian pound's value against the U.S. dollar since the start of the year. The state spends heavily on subsidizing fuel and food, much of it imported. ($1 = 6.7326 Egyptian pounds)

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