Egypt’s government has approved an additional LE 3-3.5 billion in the budget to cover the country’s food bill, Solidarity Minister Aly Moselhi stated.
In its daily market report, Beltone Financial said that this increase, in addition to previously mentioned increases by the Ministry of Trade ranging between LE 2.5-4 billion, “are expected to increase the overall Egypt’s fiscal deficit to around 8.2-8.3 percent in fiscal year 2010/11, from a forecast of 7.7 percent.”
The fiscal deficit was at 8.3 percent the previous year.
