CAIRO: Egypt’s newly appointed finance minister said yesterday the growth target had slipped and the budget deficit would widen more than official forecasts as the turmoil of the past three years takes its toll on the economy.
Hany Kadry Dimian, who took office last month, said the state’s budget deficit for fiscal year 2013-14 would be around 12 percent and expected it to stand at 10-10.5 percent for the next fiscal year.
“In best conditions it (this year’s deficit) will be around 11 to 12 percent and leans more to higher than 12 percent.” Dimian said. A Finance Ministry report released last year had expected the deficit to stand at 9.1 percent in 2013-14. Reuters
