The Egyptian Ministry of Finance has upgraded its budget deficit target for the current fiscal year (FY) 2022/2023 to 6.8% of gross domestic product (GDP), from the previous forecast of 6.1%, Asharq business reported on February 28th, citing data from Egypt’s Ministry of finance.

Allen Sandeep, head of research at Naeem Holding, told Asharq Business that higher interest costs and returns on Egyptian debt instruments are the reason behind these expectations.

Egypt had expected to reduce the total budget deficit in the current FY to 6.1% from 6.2% in the previous FY 2021/2022 and from 6.8% in FY 2020/2021.


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