Egyptian Government Acting to Reduce Budget Deficit to Maximum of 12%Source: www.export-egypt.com 3/22/2014, Location: Africa |
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The Egyptian government is acting to reduce the budget deficit to a maximum of 12 percent on June 30, 2014, Planning Minister Ashraf el-Arabi has said.
The government is seeking to reduce the deficit of the next budget to 10 percent, Arabi said in a press conference on 22/03/2014. This, he noted, entails amendments to investment and tax laws. Arabi said his Ministry is in the process of finalizing a draft plan for 2014-2015 as part of a long-term strategic vision. He also touched upon a medium-term plan between 2014 and 2017. Truly, the economic situation has improved since June 30, but it still is very difficult, Arabi acknowledged. The government has introduced a second bunch of incentives worth 34 billion pounds, 21 billion of which provided by the UAE, that will go to investment projects in Egypt, the minister said. |
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